Home Improvements Register

Home Improvements Register

         Home Improvements Register

Strategy – in order to establish the basis of your home, put your purchase closing statement in an envelope and whenever you spend money on the home that isn’t your house payment or utilities, put the receipt in the envelope.

It would be nice to record the expenditure on this form but it isn’t necessary.  When you’re ready to report the gain on the sale of your home, take the envelope with all the documents to your tax professional.

Maintenance on a principal residence is not deductible but improvements can add to the basis which can reduce the gain in the sale.  Improvements can easily be identified if they add to the value of a home, prolong its useful life or adapt it to new uses.

·         Additions and other improvements that have a useful life of more than one year

·         Special assessments for local improvements like street or sidewalks

·         Amounts spent for casualty losses to restore the damaged property

Examples of Improvements

Additions

Lawns & Grounds

Air Systems

Garage, bedrooms

Landscaping

Heating & A/C systems

Conversion of garage

Driveway and walkways

Ductwork

Conversion of attic or basement

Fence

Insulation

Porches, patios, decks

Retaining wall

Plumbing

Interior improvements

Sprinkler system

Water heater

Built-in appliances

Pool or spa

Water softener system

Counters & cabinets

 

Filtration system

Floor coverings

 

Septic system

 

For More Information, See IRS Publication 523

 

 

 

 

This information and service is provided by your Residential Finance Consultant, a trained professional to help understand the tax advantages, financing alternatives and investment aspects of homeownership.

 

Phil Lande, ABR, ASP, CDPE, CRS, RFC

RE/MAX Legends | 5645 Castle Creek Pkwy | Indpls, IN 46250

317-863-2356 | plande@atlasrealty.com 

www.remax-atlasgroup.com

 


Home Improvements Register

Date

Description

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Phil Lande, ABR, ASP, CDPE, CRS, RFC

RE/MAX Legends | 5645 Castle Creek Pkwy | Indpls, IN 46250

317-863-2356 | plande@atlasrealty.com

www.remax-atlasgroup.com

 

 

 
 

Susan Anderson, CRS, RFC

Stars & Stripes Realty | 5023 Sea Pines | Dallas, TX 75287

972-407-1337 | Pat@PatZaby.com | www.PatZaby.com

 

For more information on how you can save money on your next transaction, download our free report called "Eight Insider Tips That Save Buyers Thousands!" This report is offered to all guests.

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Contact Information

Photo of Phil Lande, ABR. ASP, CDPE, CDREP, CRS Real Estate
Phil Lande, ABR. ASP, CDPE, CDREP, CRS
RE/MAX Legends Group / Atlas Group
5645 Castle Creek Parkway N.
Indianapolis IN 46250
(317) 863-2356
(317) 339-7653
Fax: (317) 841-7204