Submitted By: someone
Answered: January 5, 2020 10:09 pm

Do major improvements to my home qualify for a tax deduction?

Capital improvements made to a principal residence are not tax deductible. Instead, they are added to the basis of the home (usually what you paid for it). This increased basis serves to reduce the amount of gain that results when the home is sold. However, certain energy-related improvement may entitle you to a tax credit now.

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Tax Glossary

Constructive receipt

A tax rule that taxes income that is not received by you but that you may draw upon.

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