https://ttlc.intuit.com/community/taxes/discussion/capital-gains/01/3103655#M1138466 <P>How do I find out what can be used for write offs on home improvement for capital gains? Is there a statute of time from point of sale?</P> Wed, 25 Oct 2023 17:06:15 GMT tomamy06 2023-10-25T17:06:15Z https://ttlc.intuit.com/community/taxes/discussion/capital-gains/01/3103655#M1138466 <P>How do I find out what can be used for write offs on home improvement for capital gains? Is there a statute of time from point of sale?</P> Wed, 25 Oct 2023 17:06:15 GMT https://ttlc.intuit.com/community/taxes/discussion/capital-gains/01/3103655#M1138466 tomamy06 2023-10-25T17:06:15Z https://ttlc.intuit.com/community/taxes/discussion/re-capital-gains/01/3103971#M1138467 <P>Hi tomamy06 and thanks for writing in today!</P> <P>&nbsp;</P> <P>Capital gains are calculated as your sales price, minus selling expenses, minus your basis.&nbsp;</P> <P>&nbsp;</P> <P>Your basis is what you originally paid for the house plus any improvements made. There is no time limit on improvements to count towards your basis; they could be done at any time while you owned the house.&nbsp;</P> <P>&nbsp;</P> <P>One item to be aware of is that while <EM>improvements</EM> increase your basis, <EM>repairs</EM> do not. The difference between an improvement and a repair can get technical and complex, but we do have a great <A href="https://turbotax.intuit.com/tax-tips/home-ownership/home-improvements-and-your-taxes/L6IwHGrx6" target="_self">TurboTax article</A> that explains the topic in an easy-to-understand fashion.</P> <P>&nbsp;</P> <P>I hope this information is helpful!</P> Wed, 25 Oct 2023 18:11:48 GMT https://ttlc.intuit.com/community/taxes/discussion/re-capital-gains/01/3103971#M1138467 NateTheGrEAt 2023-10-25T18:11:48Z