Home Improvements that Help Reduce Capital Gains Tax
|
By :
Darius H Clements
Submitted
2012-02-06 09:45:23 |
Reduce Capital Gains Tax
Home improvements have become the number one way to sell a home as quickly as possible.
This buyer’s market has home owners scrambling to add value and beauty to their homes that will attract buyers looking to buy as much as they can get for their investment.
The home improvements we have listed are not the only things a home owner can do, but they are a good starting point. If the home owner has improved and maintained the home over the years there will be only a few improvements left to do.
There are certain home improvements the seller can make to save money on the Capital Gains Tax. These improvements prepare your home for a sale and can be added to the original price of your home dollar for dollar. Improving your home and adding the improvements to the original price is legal and makes your home even more desirable to buy.
Structural home improvements
· The replacement of roofing, gutters and the exterior covering
· New doors and windows
· Foundation or slab work that eliminates settling or water leaks
· Installation of louvers and vents in the attic
· Installation of trim molding, storm windows, screens, awnings, blinds, shutters and sunshades
· Adding automatic vents around the foundation
· Upgrading the exterior with block, brick, stone or cement work
Exterior home improvements make the first impression. Potential buyers see how well your exterior has been maintained long before they request to see the interior of the home. These exterior home improvements will get your home sold and save you taxes.
· All recreational items such as a swimming pool, tennis court, spa or playground equipment
· Installing sidewalks and curbs
· Building or improving a driveway
· Adding more trees and shrubbery
· Installing drain tiles
· Installing outdoor lighting such as security lights, floodlights or lamp posts
· Installation of an underground sprinkler system
· Improving fences, storage buildings, garages, walls, tool sheds, gazebos and other outside buildings
Interior home improvements are done last but are just as important as the exterior home improvements. Simple improvements such as new paint in a creamy beige color can brighten your rooms and give the new owners a home in move-in condition. A thorough cleaning of all the rooms, especially the kitchen and bathrooms is mandatory. Clean or replace dirty or warn carpets.
Other interior improvements include:
· Add new living space by updating the basement or attic
· Install fire alarms, a water purification system or an intercom
· Purchase new kitchen appliances
· Build permanent furnishings such as cabinets and shelves
· Replace worn tile or linoleum
· Update heating and air system
· Install new plumbing fixtures
· Install energy-saving devices such as solar heating or insulation. These are eligible for an energy tax credit.
· Replace ceiling fans, electrical outlets, switches lighting fixtures and electrical wiring if needed.
In Conclusions
Keeping good records of your home improvements in a folder designated for that purpose will save the seller time and money when it comes to pricing the home. These records will back up any claims made to reduce the Capital Gains Tax to increase the profits made on the sale of the home. All of these home improvements that add value to the home can never be considered as a waste of time or money.
(The information in this article is for general knowledge only and is not intended to give financial or legal advice. Please consult a tax or legal professional before acting on any of this information.)
Home Improvements that Help Reduce Capital Gains Tax By Darius Clements
More money help:
Saving Money on Food
101 tips to save money
Common Money Mistakes
Forensic Accounting – A Career in Numbers and Investigation
Bad Credit Loans – Lenders Make Them Easier than Ever
50 Financial Tips
Carpet Care Tips
|
More:
Searched Terms:
home improvements, Capital Gains Tax, home improvements that add value,Reduce Capital Gains Tax
|
|
Article From Article Flame |
|
|
|
|
