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» From: New York, NY Dear TaxMama, When I made changes to my home such as new oak floors, oak doors, ceramic tile floors, new chimney; new security front and storm doors, new concrete front and driveway, new brick stoop and fence, am I able to claim a deduction on my taxes for the year that I make such changes. Eileen Dear Eileen, Good heavens, are you just trying to make us all envious? The home sounds wonderful! Can I move in? No, honey. Those are never deductible ... unless you have a business at home and are doing those things for the business area .... or you have a prescription from a doctor to make those improvements for medical reasons. However, DO hang on to ALL the receipts for the work. Someday, when you sell the house, they may come in handy to reduce the profit - if the profit is over $250,000 ($500,000 if you're married) - or the tax laws change. And we know ... they do change. Best wishes Eva Rosenberg Your TaxMama  |
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