03:08AM | 06/27/03
Member Since: 06/11/03
6 lifetime posts
This is my first house. Years ago, I was told to save all receipts of repairs and renovations as these can get deducted from my taxes when I sell the house, or something like that. Someone else just told me it does me no good to save these receipts as this doesn't apply to first-time homeowners. Can someone enlighten me????? Signed: Ignorant in Iowa


08:14PM | 06/29/03
Member Since: 01/03/03
97 lifetime posts
it won't really do you any good to save your receipts for any kind of deduction at the end. The only reason you would ever need them is if you ran into a capital gains situation. if you have lived somewhere for under 2 years and have realized a significant profit, the government is going to want a cut (imagine that) but if you prove you have put alot of money they will cut you some slack. Saving receipts is always a good idea though just incase the person you are selling your house to would like to see them. Laws/guidelines vary state to state on these types of things, if you would like a realy absolute answer check with your local city hall/township office or a local realtor and see what they say. Good luck


02:56AM | 06/30/03
Member Since: 06/11/03
6 lifetime posts
Thank you for replying. I truly appreciate it. I will check with state/local codes.


04:00PM | 07/01/03
Member Since: 06/03/01
327 lifetime posts
Current Federal Income Tax codes allow a $250,000 tax free gain on your residence as long as you have lived in it at least 2 out of the last 5 years. That said, if you expect more gain than that, save all receipts. Otherwise, may not be of any use.


Post a reply as Anonymous

Photo must be in JPG, GIF or PNG format and less than 5MB.


type the code from the image


Post_new_button or Login_button

All bookworms need a good bookmark that inspires them to keep reading. To make this colorful bookmark, cut a rectangular p... It turns out that many bath and kitchen cleansers contain chemicals that are dangerous to the skin and eyes, and often pro... So often we paint tiny nooks white to make them appear larger, but opting for a dark, dramatic wall color like this one—Be... Chocolate-colored walls and large window frames allow the exposed wood beams to take center stage in this small screened p... If you're not crazy about the idea of commingling plants and pool, this modern variation may be more to your liking. The s... Yes, a freestanding garage can become its own tiny house. Artist Michelle de la Vega has all the comforts of a modern resi... There’s nothing like a new set of cabinet hardware to refresh a room. The possibilities are endless: Go modern, rustic, or... Pursue what's known as the stack effect. To achieve it, open the windows on both the upper and lower floors, and as warm a... Like no other floor type, a checkerboard design works wonders to underscore the retro kitchen theme. Vinyl flooring, ceram... Twine lanterns add pops of crafty—but sophisticated—flair to any outdoor setting. Wrap glue-soaked twine around a balloon ... When securely fastened to a tree or the ceiling of a porch, a pallet and some cushioning make the ideal place to lounge. V... Incorporate nature into your lighting scheme by securing a dead tree in a concrete mold and draping your pendant lamp from... For the cost of a can of exterior paint , you can totally transform your porch. Paint the floor a hue that complements yo... In this urban apartment, a standard-issue patio became a serene and green perch by replacing the typical concrete with gro... If you put the washing machine in the mudroom, you can stop the kids from walking through the house in dirty, grass-staine...
Newsletter_icon Google_plus Facebook Twitter Pinterest Youtube Rss_icon