4 Comments June 24th, 2010

Are home improvements/ repairs tax deductible?

Summer asked:


I live in the State of Oklahoma and have just purchased my first home. We have done improvement projects and repairs and I am wondering if I should keep my receipts for tax purposes.

If you could help that would be great!

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4 Responses to “Are home improvements/ repairs tax deductible?”

  1. v b Says:
    June 27th, 2010 at 8:52 pm

    Create a video blog…instantly.

    Not deductible.

    You can throw the receipts for the repairs away. My answer would be different if this was rental property.

    You keep the receipts for the home improvements as they add to your cost basis. cost basis comes into play when you sell or have an insurance claim.

  2. JamesT Says:
    June 29th, 2010 at 7:48 am

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    Home repairs are not deductible unless they are done as the result of a disaster (hurricane, tornado), and then only over 10% of AGI.

    You should keep records of major repairs so that when you sell your house you can add them to your basis and reduce your taxable gain. However, singles have a $250,000 exemption and married couples $500,000 exemption of “taxable gain” that is not taxed, so for most people, there’s no point in keeping records. Unless they change the law…..which you wouldn’t know about till too late.

    I keep a notebook where I put invoices for large purchases (new heater, new windows, new appliances). This is really for INSURANCE purposes, not for tax purposes. Also, if we need to replace something, we know how old an appliance is, by checking the notebook to see when we bought it. Can also be useful if something goes wrong, whether or not it’s still under warranty.

    Hope this helps.

  3. Judy Says:
    June 29th, 2010 at 4:37 pm

    Kansieo.com

    They are not deductible, Home improvements, NOT repairs, add to your basis for the house and can save you taxes when you sell, if you owe any. So keep receipts for any improvements like if you remodel a kitchen or add a room. For repairs, no point in keeping the receipts.

  4. Janice S Says:
    July 1st, 2010 at 1:12 am

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    Some things others are forgeting is a tax credit for items purchased in 09-10. That you will need a receipt for. Check out the IRS.gov website for the energy star info and credits. You can get back 30 percent up to 1500. for such things as energy roofs, heating and air, hot water heaters, and new energy efficient windows. If you have done any of that you will need your reciepts to show proof for the tax credits.