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We made improvements to our home in 2016. We put on a metal roof, got a better Central air system, and a new water heater. We find the receipts. Can we still list these?
We made improvements to our home in 2016. We put on a metal roof, got a better Central air system, and a new water heater. We find the receipts. Can we still list these?
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June 5, 2019
10:40 PM
last updated
June 05, 2019
10:40 PM
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We made improvements to our home in 2016. We put on a metal roof, got a better Central air system, and a new water heater. We find the receipts. Can we still list these?
Repairs, maintenance, and improvements to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
June 5, 2019
10:40 PM
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