Improvements that Increase your Tax Basis
Curious what items you can use to decrease your tax basis when you sell? Is the property an investment? You can deduct annually. We are not tax advisors, so you will need to verify with your tax consultant but this list should get you going in the meantime. Below is a list of itens some you may know and some that may suprise you.
Examples of Improvements that Increase your Basis
Additions: bedroom, bathroom, deck , garage, porch, patio
Lawn & Grounds: landscaping, driveway, walkway, fence, retaining wall, swimming pool
Exterior: storm windows/doors, new roof, new siding, satellite dish
Insulation: attic, walls, floors, pipes and duct work
Systems: heating systems, central air conditioning, furnace, duct work, central humidifier, central vacuum, air/water filtration systems, wiring, security system, lawn system
Plumbing: septic system, water heater, soft water system, filtration system
Interior: built-in appliances, kitchen modernization, flooring. wall-to-wall carpeting, fireplace
There are many other improvements that qualify that are not listed but this should give you a good idea of what qualifies.