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noems6460
New Member

What about house improvement - fences and repair our driveway (replaced the asphalt to cement).

 
4 Replies
rjs
Level 15
Level 15

What about house improvement - fences and repair our driveway (replaced the asphalt to cement).

I assume you are talking about your own primary residence. The cost of improvements to your home is not deductible on your tax return. When you sell your home you will add the cost of the improvements to the amount you originally paid for the home before you calculate your profit on the sale. Adding the cost of the improvements to the original cost will reduce the amount of profit. If any of the profit is taxable, reducing the profit will reduce the amount of tax that you have to pay on the sale.

famgus21
New Member

What about house improvement - fences and repair our driveway (replaced the asphalt to cement).

does repairing/surfacing your driveway expenses impact your taxes

rjs
Level 15
Level 15

What about house improvement - fences and repair our driveway (replaced the asphalt to cement).

@famgus21  Repairing your driveway does not affect your taxes. I'm not sure what you mean by "surfacing." If you mean something like applying sealer, that's maintenance and does not affect your taxes. Tearing out your driveway and replacing it with a new driveway would be an improvement that you can add to the basis when you sell your home, but it does not affect your taxes in the year that you do it.

 

Carl
Level 15

What about house improvement - fences and repair our driveway (replaced the asphalt to cement).

Property improvements, repairs and maintenance cost on your primary residence, 2nd home, vacation home or any other "personal use" type of real estate is not reported on any tax return. Period. It has absolutely no tax benefits or consequences.

However, you should keep all of your paperwork and receipts for all property improvements, and file them with the paperwork you received at the closing when you originally purchased the house. You *WILL* need that information for your taxes in the tax year you sell or otherwise dispose of the property. You would also need it if in the future you convert the property to a rental, or any other type of qualified business use.

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