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Improvements you make to a rental property — work that adds to your home’s value, prolongs its useful life or adapts it to new uses — are deductible, but you’ll likely have to depreciate ...
Home Improvement vs. Home Repair. According to IRS Publication 523, to qualify as an improvement, the task must add value to your home, adapt it to new uses, or prolong its life. If repair-type ...
For example, if you bought your home for $300,000 and made $50,000 in improvements, then sold it for $600,000, you can deduct that entire amount ($600,000-$350,000 = $250,000).
2. Home equity loan interest deduction. If you took out a home equity loan or line of credit in 2022, you might be able to deduct the interest paid during the year.
Money spent to improve your home can save on taxes. However, the improvements have to be of a certain type, and you can't claim the deduction until you sell your home. Capital improvement ...
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