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Are home improvements tax deductible when selling a home?
Just wondering if I should do some home improvements before I sell. Would they be tax deductible or is there any kind of tax benefit?
Asked By Will | Waterbury, CT | 512 views | Finance Legal Info | 1 year ago
Answer(3)
Glenda X Bozett
RELI
No, home improvements are generally not tax deductible when selling a home.
- 1 year ago
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Gloria Mitchell
Wilkinson Triad Realty
No, home improvements are generally not tax deductible when selling a home. However, some home improvements may qualify for the capital gains exclusion for primary residence sales.
- 1 year ago
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Blayne Pacelli
Rodeo Realty
In California we have a 250k cap gains for a single homeowner and 500k for a couple.
Lets say you bought the house for 100k, then you sold for 1 million. If you are a couple you get 500k of no taxes plus any improvements that you have done. Please check your local laws though.
- 1 year ago
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