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tax deductions for home improvements?

 
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mrdarrett



Joined: 25 Aug 2007
Posts: 29

PostPosted: Sun Feb 03, 2008 2:44 am    Post subject: tax deductions for home improvements? Reply with quote

If one installs new carpet in one's home, is there a tax form one can
fill out to get a tax deduction?

Or is this only available for rental properties?

Thanks,

Michael

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D. Stussy



Joined: 25 Aug 2007
Posts: 126

PostPosted: Sun Feb 03, 2008 7:01 am    Post subject: Re: tax deductions for home improvements? Reply with quote

wrote in message@q39g2000hsf.googlegroups.com...
> If one installs new carpet in one's home, is there a tax form one can
> fill out to get a tax deduction?

Personal expenses are not deductible. If you installed carpet where there
was none before, that could be a capital expenditure that you account for
when you SELL your home.

> Or is this only available for rental properties?

Rental expenses are generally NOT personal expenses to the landlord.
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mrdarrett



Joined: 25 Aug 2007
Posts: 29

PostPosted: Sun Feb 03, 2008 11:41 pm    Post subject: Re: tax deductions for home improvements? Reply with quote

On Feb 3, 2:01 am, "D. Stussy" wrote:
> wrote in message
>
> @q39g2000hsf.googlegroups.com...
>
> > If one installs new carpet in one's home, is there a tax form one can
> > fill out to get a tax deduction?
>
> Personal expenses are not deductible. If you installed carpet where there
> was none before, that could be a capital expenditure that you account for
> when you SELL your home.
>
> > Or is this only available for rental properties?
>
> Rental expenses are generally NOT personal expenses to the landlord.


Right, I wasn't expecting rental expenses to be personal expenses.

Here's the situation. I'm considering renting out my home this year,
and moving to a larger one. There are several improvements I'd like
to make before renting it out: fix the fence, change some light
switches, etc. I've never rented out a house before, so I'm wondering
how to proceed with declaring the fence post and light switches as...
is it depreciation?

And a couple of years ago, I upgraded the carpet and changed a
chandelier, not intending to rent out the home at that point. Will
these expenses be declared somewhere on some tax form when I finally
sell the home? Or should I have declared them in the year I purchased
the items?

Michael
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D. Stussy



Joined: 25 Aug 2007
Posts: 126

PostPosted: Mon Feb 04, 2008 3:45 am    Post subject: Re: tax deductions for home improvements? Reply with quote

wrote in message@v4g2000hsf.googlegroups.com...
> On Feb 3, 2:01 am, "D. Stussy" wrote:
> > wrote in message
> >
> >@q39g2000hsf.googlegroups.com...
> >
> > > If one installs new carpet in one's home, is there a tax form one can
> > > fill out to get a tax deduction?
> >
> > Personal expenses are not deductible. If you installed carpet where
there
> > was none before, that could be a capital expenditure that you account
for
> > when you SELL your home.
> >
> > > Or is this only available for rental properties?
> >
> > Rental expenses are generally NOT personal expenses to the landlord.
>
>
> Right, I wasn't expecting rental expenses to be personal expenses.
>
> Here's the situation. I'm considering renting out my home this year,
> and moving to a larger one. There are several improvements I'd like
> to make before renting it out: fix the fence, change some light
> switches, etc. I've never rented out a house before, so I'm wondering
> how to proceed with declaring the fence post and light switches as...
> is it depreciation?

None of those things are deductible expenses (as it's not a rental when
you're doing this) nor depreciable (because they are simple maintenance
repairs).

> And a couple of years ago, I upgraded the carpet and changed a
> chandelier, not intending to rent out the home at that point. Will
> these expenses be declared somewhere on some tax form when I finally
> sell the home? Or should I have declared them in the year I purchased
> the items?

"Upgrading" the carpet. No. Changing the chandelier - wash. (You have to
subtract out the old chandelier if you're going to include the new one).

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