"Z GIRL" <nospamDeleteThis_z28_girl[at]comcast.net> wrote:

- quote -

Sure they're all home improvements. Not deductible, they increase your basis
in the house.

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"Z GIRL"
<nospamDeleteThis_z28_girl[at]comcast.net> wrote:

- quote -

It's all a home improvement. Wont change your tax return but I'm sure the
neighbors will appreciate the nicer looking home.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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"Z GIRL" <nospamDeleteThis_z28_girl[at]comcast.net> wrote:

- quote -

It certainly can be considered a home improvement, BUT you
never could deduct home improvements and you cannot now
unless you are using the home as a business (rental, etc.).
This expense would be added to the basis of the home and
would not be considered at all until you sold the home.

Missy Doyle

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_z28_girl[at]comcast.net (Z=A0GIRL) posted:

- quote -

Yes. You can include it in your cost basis.

If you had bought the house with these features, the cost
would clearly have been part of the total price; therefore,
it can reasonably be added to your cost basis. Keep a copy
of the receipts along with your closing statements and all
other home purchase documents.

Bill

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"Z GIRL" <nospamDeleteThis_z28_girl[at]comcast.net> wrote:

- quote -

Sure can. Keep records of what you did and how much it cost,
and add it to your basis. You get no deduction now, but it
will reduce your gain when you sell.

--
Chris Green

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"Z GIRL" <nospamDeleteThis_z28_girl[at]comcast.net> wrote:

- quote -

The deck and landscaping, since they both have a life over 1
year, are considered capital improvements. They are not
deductible, but will add to your cost basis in the home.
That may (or may not) save you taxes when you sell.

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Z GIRL wrote:

- quote -

Probably. In regard the sod, there's no requirement that a
"home improvement" be an improvement to the structure.

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- quote -

Under today's rules, you may never need to be concerned
about them. However, add these costs to your basis in the
property. If you live in the place for two years out of the
five hears prior to selling the property, you deduct your
basis from the selling price. If your gain does not exceed
$250,000 ($500,000 if married filing jointly), you need not
report the sale 'cause it will be non-taxable.

Imporvements increase your basis and may someday be needed
to offset any gains.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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Z GIRL wrote:

- quote -

Yes, most definitely a home improvement.

Now, do you also have a tax question?

ChEAr$,
Harlan Lunsford, EA n LA

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"Z GIRL" <nospamDeleteThis_z28_girl[at]comcast.net> writes:

- quote -

Even if it is, you can't deduct it (assuming this is your
home).

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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- quote -

Yes, they are all home improvements. However, you add the
cost of the improvements to the original cost of the house
and that is your new basis in the house.

You get no tax credit of home improvements at this time.

Kate, EA in PA

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- quote -

Sure....

You do know home improvements are not deductible, don't you?

Helen, EA in PA
50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure
October 1 to October 3, 2004
Donate on-line at www.msandyou.org

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If I purchased a newly built home this year and put down
sod / sprinkler system and deck (because sod / deck didn't
come with new house).

Can any of this be considered a home improvement?

Thanks

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