Renovations Tax Deductible
January 1st, 2010
Question: tax deductible?
We need to change our carpet floor to hardwood floor, due to our daughter’s allergy to the dust and other stuff in the carpet. Will the cost of this renovation is tax deductible? Thanks! -Betty
Answer: Improvements are Not Tax Deductible.
Mortage interest and home equity interest is GENERALLY tax deductible.
The primary purpose must be medical Care.
If a capital expenditure for medical care also constitutes a permanent improvement or betterment of the taxpayers property, then the expenditure is deductible only to the extent that it exceeds the increase in the property’s value.
It is all facts taken into account and you need not only the doctor’s note but the value of the property before and after the improvement (cousin Bob’s value does not count)
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