Wednesday, July 1, 2009

Home Improvement Tax - An Insight

So you have chosen to make one or more improvements to your living space. The undertaking sounds scarier than it really is. In addition
to the improved quality of living - once you're done - there is also another benefit: In some cases a home improvement tax deduction
may be available to you.

Before you can apply for a house improvement tax deduction, you need to be aware of the differences between repair work and actual
improvement.

Home Improvement is defined as follows:

Any addition that imptoves life and quality in your home. Like
1. Landscaping
2. A new roof
3. Adding a new room
4. Building a garage
5. Adding a simming pool

and so forth.

Repairs on the other hand are activities you do to halt or slow down any depreciation that occurrs on your home or property, and will not qualify you for a home improvement tax.

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