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Investors & landlords
Do you know what the rule is that says I can deduct my primary residence improvement costs so long as they were funded by the cash out on my investment property?
You can't do that with a primary residence. That's only possible with improvements to some type of business property (such as rental property).
Qualified property improvements to your primary residence add to the cost basis of that property. But you don't deal with it on any tax return until:
1) You sell the property
2) You convert the property to some type of business use (such as rental, or claim a home office)
3) You die.
Now it "is" possible to get "energy credits" for things you do to your primary residence in the tax year you do the improvement and pay for it. To understand what I'm referring to here, see https://www.irs.gov/newsroom/energy-incentives-for-individuals-residential-property-updated-question...