Are Home Improvement Costs Tax Deductible – Whether you live in a popular housing market like Seattle, San Francisco, or New York, or simply have lived in the same home for decades, it’s more common than ever for families to realize a taxable gain when they sell their home.
Taxable gain from the sale of a principal residence occurs when the gain from the sale exceeds $250,000 for an individual and $500,000 for a couple. This excess exemption is available to households that meet the following criteria.
Are Home Improvement Costs Tax Deductible
The gain is calculated by subtracting the …