Can Home Improvements Be Tax Deductible – Whether you live in a popular residential market like Seattle, San Francisco, or New York, or you’ve simply lived in the same home for several decades, it’s more common than ever for households to incur taxable gains when they sell their home.
Taxable gains on the sale of a principal residence occur when the gain on the sale exceeds the excluded $250,000 for an individual and $500,000 for a couple. This earnings exclusion is available to households that meet the following criteria:
Can Home Improvements Be Tax Deductible
The gain is calculated by …