Accounting Terminology

If I get work done on my house, can I use it as a tax deduction?


Improvements to your Residence are not deductible.
The costs are added to your initial cost basis to calculate your increased adjusted cost basis.
Your increased cost basis will be used in the year of sale of your residence to determine the gain on sale.
Improvements to your Rental property are deductible as a repair or a depreciable capital improvement.
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all Accounting Terminology Questions

View More Questions