Home ownership repairs

Upgrade home bathroom, kitchen

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Generally, home improvements aren't tax deductible, but they may change the amount of gain on the sale of your home.

There are two exceptions:

Improvements that qualify as medical expenses - this includes things like ramps, grab bars, and floor leveling that are needed to accommodate a disabled person living in the house. Following this link for more details.

Improvements that qualify for the Clean Energy Credit or the Residential Energy Credit. Follow this link for more.

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$16000 loan for Furnace and air Conditioner replacement which encompasses the home office. Do i take the entire amunt as an asset or a home repair? any suggestion would be appreciated..

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Home ownership repairs