Have you purchased a new fence from Titan this year? Did you know that the expense may be tax deductible? Which Home Improvements Are Tax Deductible?
For tax purposes, a home improvement includes any work done that substantially adds to the value of your home, increases its useful life, or adapts it to new uses. These include room additions, new bathrooms, decks, FENCING, landscaping, wiring upgrades, walkways, driveway, kitchen upgrades, plumbing upgrades, and new roofs.
If you use your home purely as your personal residence, you cannot deduct the cost of home improvements. These costs are nondeductible personal expenses.
However, this doesn’t mean that home improvements do not have a tax benefit. They can help reduce the amount of taxes you have to pay when you sell your home at a profit. This is because the costs of home improvements are added to the tax basis of your home. “Basis” means the amount of your investment in your home for tax purposes. The greater your basis, the less profit you’ll receive when you sell your home.
Read more http://www.nolo.com/legal-encyclopedia/what-home-improvements-tax-deductible.html
