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Home Equity and Refinancing
Taxes and Tax Preparation
Income Taxes

Once you sell your house can you write off your home improvement expenses?


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Wiki User
2008-01-13 16:18:50
2008-01-13 16:18:50

Some of your home improvements will contribute to raising the basis value against which your capital gains are calculated. Note, however, that capital improvements do not include maintenance or deferred maintenance (such as putting on a new roof).

So trying to clarify the above...it's either it was a capital improvement...(as in major renovation, adding a new floor or such), and became part of your BASIS in the property, (that is the amount you invested and calculated gain/or loss from at sale - albeit that amount may not actually be taxable under several deferral/exemption options for the sale of a primary residence). Any other amounts that didn't go to basis, like maintenance, are never a tax deductible expense. This follows the basic premise that expenses to take care of yourself or family...food, shelter, entertainment, etc) are not tax expenses.

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