0
Actually, you can't deduct any of the cost of maintaining or improving your home. Zilch. Just like you can't deduct any of the purchase price of buying it. Once, when the gain on a home was taxable, you needed to track the cost and improvements to determine the basis and derive the actual gain at sale (but that too is different than currently deducting it). And as the gain is generally no longer taxable, tracking basis is now not terribly important in most situations. (Unless very large appreciation in value, or unqualified sale is involved). True, with certain qualifying conditions, the interest on a loan/mortage secured to the home is deductable. But not the home or improvement.
Still curious? Ask our experts.
Chat with our AI personalities
Ross
Lao
JordanAdd your answer:
Earn +20 pts
How do you find the total cost for math?
Hmm... Well, if you were wanting to see what your total cost for something is, you would A: Have to add any costs from your budget for the item and B: Find your gross price. For example- I buy a coffee pot from Wal-mart. it is priced $10.00, it cost me $3.00 in gas to drive to Wal-mart and back, and my time is worth at least $5.00 an hour,(it took me a total of 1 hour to drive there, park, go in, find coffee-pot, check-out and drive home) so, now my coffee-pot has a total cost of 10+3+5=$18.00. Does that help?The reverse of that would be gross profit versus net profit: A company makes $100.00 for a cleaning service. that is their:Gross profit. They then deduct cleaning supplies ($5.00) from that gross profit, now they are at $95.00, then they deduct wages for worker ($25.00) from that gross profit, now they are at $70.00. So their NET profit from that cleaning service is now $70.00.
What is cost per square foot to frame a home in Illinois?
The cost per square foot to frame a home in Illinois is about $98. This means to frame a 1800 square foot home, it would cost about $176,400.
Most tape measures show 16ths of an inch and less show 32nds of an inch but how often do home renovation specialists use 64th of an inch or higher measurements?
About as often as a hairstylist does.
What is the cost per square foot to build in Westchester county ny?
The cost per square foot to build a home in Westchester County, NY, is between $110 and $160. This means a 2500 square foot home could cost anywhere between $257,000 and $400,000 to build.
How are building costs per square foot calculated?
Total cost plus expenses and profit divided by the living area square footage. Generally it is a moving target unless it is a production style home where it has been built several times before.
