Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your home’s cost basis. That may lower capital gains taxes if you sell the home later.
A financial advisor can help review how renovation costs, tax benefits and home value fit into your broader financial plan.
What Tax Benefits Are Available for Home Improvements?
Tax benefits for home improvements generally fall into two categories: tax credits and tax…
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