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Tax Relief 101: Real Estate Deductions

Posted By Jim On 03/19/2006 @ 4:05 pm In Taxes | 4 Comments

Your home is your best tax shelter and this week’s “5 Tips” by Gerri Willis is focused on finding all those deductions you can use. The tips are pretty much common sense except for #2, which I didn’t know before reading. You should save all the receipts from home improvements and repairs because they can be deducted when you sell the home. So if you replaced your siding and it cost $2,000 then that’s $2,000 you can deduct from the profit of the sale, thus reducing your capital gains tax.

via CNN Money [3].

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[3] CNN Money: http://money.cnn.com/2006/03/16/real_estate/tips/willis_tips/index.htm

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