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#13
11-12-2004, 05:57 AM
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 Re: Home improvement tax deduction - quote - > Possible use of the sales tax on the materials and
On the other hand, somone who has a QEZE real estate credit> appliances? NY has fairly high income tax so the sales tax > may not be a benefit, but I'd suggest he at least think > about it. might have their overall NY income tax in a year lower than the sales tax. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#12
11-09-2004, 08:05 PM
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| Re: Home improvement tax deduction Possible use of the sales tax on the materials and appliances? NY has fairly high income tax so the sales tax may not be a benefit, but I'd suggest he at least think about it. Nan, EA in LA Entrenched belief is never altered by the facts..... << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#11
11-08-2004, 10:31 PM
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| Re: Home improvement tax deduction Rajp wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
Percentage: Zero.> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. There is no provision to deduct anything. You get the cost recovered when you SELL the property. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#10
11-05-2004, 08:58 AM
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| Re: Home improvement tax deduction - quote - > > I live in NYC. I am having a new kitchen put in my home.
I think you mean the _profit_ (ignoring the improvement)> > How much of the cost can I deduct from my income taxes (Fed, > > State and local)? > There is no immediate deduction, unless you took out a loan > to finance the improvement. Then some or all of that loan > and points could be deductable. > You capture the cost when selling the home. You add the > cost of improvements to the purchase price of the house (the > 'basis'). This reduces the capital gain that is taxed. > Note that $250-$500K of the capital gain is excluded from > tax if you live in the home for more than than two years. > So your improvement cost would have to exceed this. would have to exceed that in order for the improvement cost to have an effect. Seth << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#9
11-05-2004, 08:00 AM
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| Re: Home improvement tax deduction "Rajp" <rajp53[at]aol.com> wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
None> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
11-04-2004, 08:50 AM
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| Re: Home improvement tax deduction ajp53[at]aol.com (Rajp) wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
None and none. Been there, done that, still living in it.> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. Your expenses for home improvement (as opposed to repairs) are added to your basis. They may reduce your taxable gain when you sell. -- Chris Green << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
11-04-2004, 08:31 AM
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| Re: Home improvement tax deduction "Rajp" <rajp53[at]aol.com> wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
No deduction is allowed for having a new kitchen installed.> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
11-04-2004, 08:31 AM
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| Re: Home improvement tax deduction - quote - > I live in NYC. I am having a new kitchen put in my home.
There is no immediate deduction, unless you took out a loan> How much of the cost can I deduct from my income taxes (Fed, > State and local)? to finance the improvement. Then some or all of that loan and points could be deductable. You capture the cost when selling the home. You add the cost of improvements to the purchase price of the house (the 'basis'). This reduces the capital gain that is taxed. Note that $250-$500K of the capital gain is excluded from tax if you live in the home for more than than two years. So your improvement cost would have to exceed this. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
11-04-2004, 08:31 AM
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| Re: Home improvement tax deduction rajp53[at]aol.com (Rajp) wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
No deduction for your expenses or capital improvements (at> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. the federal level). Capital improvements get added to your "cost basis", and may or may not, decrease your taxable gain when you sell. Non-capital improvement expenses (paint, cleanup, etc) are personal and not deductible, nor add to basis. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
11-04-2004, 08:12 AM
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| Re: Home improvement tax deduction "Rajp" <rajp53[at]aol.com> wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
There is no such deduction. No such section in the tax code> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. exists allowing the deduction. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
11-04-2004, 07:53 AM
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| Re: Home improvement tax deduction "Rajp" <rajp53[at]aol.com> wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
None.> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
11-04-2004, 07:53 AM
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| Re: Home improvement tax deduction ajp wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
None of it.> How much of the cost can I deduct from my income taxes (Fed, > State and local)? - quote - > What section of the tax codes allows me to do so?
There isn't any.You add your improvement costs to your cost basis. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-04-2004, 07:34 AM
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| Re: Home improvement tax deduction rajp53[at]aol.com (Rajp) writes: - quote - > I live in NYC. I am having a new kitchen put in my home.
For federal, $-0-. For your home (as opposed to a building> How much of the cost can I deduct from my income taxes (Fed, > State and local)? you rent out), neither repairs nor improvements are deductible under the federal income tax. - quote - > What section of the tax codes allows me to do so?
None.-- Rich Carreiro rlcarr[at]animato.arlington.ma.us << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-04-2004, 07:34 AM
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| Re: Home improvement tax deduction "Rajp" <rajp53[at]aol.com> wrote: - quote - > I live in NYC. I am having a new kitchen put in my home.
None can be deducted unless you have space within your home> How much of the cost can I deduct from my income taxes (Fed, > State and local)? What section of the tax codes allows me to > do so? Thanks. that is generating taxable income to you. Wayne Brasch, CPA, M. S. Taxation << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-01-2004, 08:31 PM
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| Home improvement tax deduction I live in NYC. I am having a new kitchen put in my home. How much of the cost can I deduct from my income taxes (Fed, State and local)? What section of the tax codes allows me to do so? Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deduction, home, improvement, tax |
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