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New Member

Can i deduct home improvements on my home

including major appliances, sinks, toilets, faucets, paint, blinds, etc?
1 Reply
Intuit Alumni

Can i deduct home improvements on my home

No, improvements are only reported if the house is a rental.

You can add the expenses to your basis (the price you paid) in the house.

If you sell the property and need to report capital gains from the transaction, the higher basis would reduce the capital gain. 

There is, however, a way to exclude capital gains from the sale of your personal home if you own and live in it 2 of the 5 years prior to selling it.

"If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse.  Publication 523 Selling Your Home , provides rules and worksheets.  Topic 409  covers general capital gain and loss information."

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