We added a covered patio to our home this year. Can we take this expense as a tax deduction?
Answers | 2
Also, should you decide to turn your home into a rental property, cost basis will come into play and be used to determine the amount of depreciation that should be claimed on a rental property.
For now, take the receipts, add them up, place them in an envelope and put with your other important papers related to your home. Then, as a backup measure, scan those documents and back them up in the cloud. Thanks for your question.
MoneyTips has a guide to more home improvements that add to the resale value of your house and give you immediate savings. You can read it here: http://www.moneytips.com/home-improvements-that-pay-off