I just bought a house early this year and this is my first house. I'm
planning a couple of home improvement jobs for the coming the summer.
I heard that some of those expense could be tax deductible. Do you
folks happen to know what expenses I could claim in the next year's
tax form? Thanks

On 31 Mar 2004 07:46:05 -0800, (NetComm888)
wrote:

I just bought a house early this year and this is my first house. I'm
planning a couple of home improvement jobs for the coming the summer.
I heard that some of those expense could be tax deductible. Do you
folks happen to know what expenses I could claim in the next year's
tax form? Thanks

Home improvements aren't deductible at all. They do affect the "basis"
of the home - the value of the home including permanent improvements
(not repairs or maintenance). It's really a measurement of your
investment, and is used to calculate loss or gain. You only need to
figure this stuff when you sell the home.

You must keep all receipts for materials and labor, and, as far as I
know, your own labor cannot be used to calculate the basis - only
hired labor, like a professional landscaper or carpenter. If this is
incorrect, someone please correct me!

It's a bummer - but a lot of the money and sweat you invest in your
home isn't recoverable.



John Davies
http://home.comcast.net/~johnedavies/
'96 Lexus LX450
'00 Audi A4 1.8T quattro
Spokane WA USA

HOWEVER, interest paid on a home improvement loan CAN be deductable (ask
your accountant).

John Davies wrote:
Home improvements aren't deductible at all. They do affect the "basis"
of the home - the value of the home including permanent improvements
(not repairs or maintenance). It's really a measurement of your
investment, and is used to calculate loss or gain. You only need to
figure this stuff when you sell the home.

You must keep all receipts for materials and labor, and, as far as I
know, your own labor cannot be used to calculate the basis - only
hired labor, like a professional landscaper or carpenter. If this is
incorrect, someone please correct me!

It's a bummer - but a lot of the money and sweat you invest in your
home isn't recoverable.

John Davies
http://home.comcast.net/~johnedavies/
'96 Lexus LX450
'00 Audi A4 1.8T quattro
Spokane WA USA