What expences can be deducted on a home purchase that involves remodeling?
596279
The other two people had hit the nail on the head in response to your question, however, there is SOME remodeling expenses that can be claimed, however, there are some limitations; which consist of the fact that they have to be related to a disability; for example, if you were to add a wheelchair ramp or something of the sort, you may claim that.  Also, if you had sustained damage to a house and/or garage or something of the like due to a natural disaster such as a hurricane or tornado, you may claim those expenses to repair those as well.  Good luck!!
130489
Only if it meets the IRS guidelines as a business deduction. Even then, only the portion dedicated to the business qualifys, i.e., a 3-bedroom house, with 1 room dedicated as a office could deduct 1/3 of the rent or mortgage cost.
830570
As a rule of thumb, the interest you earn, is directly proportional to the risk involved in the investment. \n\nTo take out a loan in order to invest in a bank paper makes no sense. Banks make money (among other things) by lending you money at higher interest rates that they pay on savings accounts, and CDs.\n\nIf your goal is to increase the value of your real estate, you have several options: Remodeling only pays of if it ads to the value of the house  (For instance, putting in new carpet does not) Adding a bedroom or bathroom does. Remodeling the kitchen may.\n\nAnother option is to invest in an additional real property. (Not in time-shares) Some people have been quite successful (depending on location) in buyng distressed property, paying back taxes, and sprucing it up; fixting everything that needs fixing (roof, waterpipe, water heater, etc) putting on a fresh coat of paint, and inexpensive light beige carpet. and reselling it. This works if you're handy at fixing things around the house.
897119
Here are a few things to consider before renovating your home for the sole reason of making it worth more.  Maybe this will help you decide.\n\nKeep in mind your neighborhood when adding on.  The largest house in the neighborhood usually sells at a discount.  For example, if the homes in your neighborhood are around 2100 - 2300 sqare feet, and you expand your house to be 2800 - 3000 sq ft., your house will sell for fewer dollars per square foot to pull it in line with the selling price of the other homes in the area.  If other homes near you are larger, or have also had building additions, this may not be as much of an issue.  Home additions also command a lower $/sq ft value than the original structure.\n\nRenovations rarely recover 100% of the costs.  You will proabably be able to save money since you have been in the business and can act as your own contractor, but you also need to keep in mind the intrest and loan costs of the remodel, not just the construction costs. \n\nIn theory, you will have more equity because you have more house, but if you use a bank loan to access the equity, then it is actually the bank that has the equity, not you.  \n\nI recommend talking to a local real estate agent about your plans if you primary goal is to have a more valuable home.  He or she will be able to tell you what your neighborhood and its buyers consider valuable.
343480
purchase price\n- mortgage\n- closing costs\n- realtor commission\n- any repairs\n- attorney's fees\n- termite letter\n- taxes
1117004
Since there are no comps (comparables) for such a purchase, the only way to arrive at a purchase price is to figure out what it would cost (roughly) to rebuild it.\nI would pay an appraisor and talk to some real estate agents. Preferably, agents dealing in commercial real estate.
149764
My understanding is yes.\n\nHowever, you can count a percentage of the floor area or number of rooms that are EXCLUSIVELY used for your business. No exclusive, no deduction.\n\nCheck out with a tax accountant to be entirely sure, but I believe that is the rule.
965426
Go to the county office, the county secretary or clerk should be able to help you. They usually have a lot of properties left over after the tax auctions. I'm about to start purchasing some of these homes myself from different counties. I hope this helps you
409643
Property taxes and mortgage interest payments are tax deductible. If you have an office in your house that meets the federal requirements (discuss with your accountant), you can figure out the square footage of the office compared with the total square footage of the home and you can take that percentage of the cost of utilities, repairs, etc. off your taxes.
5154
Remodeling Online conducts an annual survey of the cost of recouping projects by project and region.  (See link below).\n\nMy suggestion would be to make a list of improvement projects, and then talk to a local realtor familiar with your area about how much value they would add.  \n\nIf you sold it today, as is, how long would it take to sell and what would you ask?  \n\nIf you took [X] months to make [Y] repairs, how long would it take then?
677771
I'm assuming you know the expenses that come with buying any home? Those would, of course, be the same.\n\nForeclosures can have other expenses, too. The biggest could be if the previous owners are still living there. You'll have to evict them, and they will likely destroy the house on their way out-- which could take a year in some states.\n\nIf they've already moved out, they may have already destroyed the house. If you cannot access it prior to the auction for inspection, then assume that it is going to need major work. If it does, you will have planned for it. If not, then that's a bonus!\n\nI've seen foreclosures where the owners moved out, and even cleaned up and washed the floors. I've seen others that were a mess-- one former owner actually shot all of the appliances, walls, and roof, broke all the walls and ceilings, cut all the wiring, and smashed the furnace to bits.\n\nAnother one blocked all of the drains, then turned on all faucets. The water ran for a week and flooded the entire house.\n\nHopefully you will get one of the good ones!
23075
There is usually a percentage of expenses that can be deducted for a home office. There are federal guidelines that have to be followed. The accounting method will also have some impact on the method used to determine what and how much can be used. it is far to vast of a question for a forum and you should seek guidance from a licensed tax attorney or CPA tax specialist.
598549
If you are using this for a business purpose and can justify that to the IRS, and your employer does not reimburse this expense, then yes, you may deduct it, subject to the 2% floor (2% of your adjusted gross income)for miscellaneous itemized deductions.
1143817
I don't know this for sure but someone once told me that if you can submit receipts for renovation equal to or in excess of your equity they won't make you pay.  I don't know if they will adjust the amount you have to pay if you submit receipts in an amount less than that or not.  Good Luck!
31614
The following expenses may be tax-deductible, depending on the particulars of your tax situation. Buying a home is a great time to visit a tax professional, just to make sure you are keeping track of all your deductible expenses.\n\n* Pre-paid mortgage interest (also called "points") shown on your closing statement.\n* Pre-paid real estate taxes shown on your closing statement.\n* Regularly paid mortgage interest (reported to you by your bank on Form 1098).\n* Regularly paid real estate taxes (reported to you on the tax bill from your County's Assessor).\n\nWilliam Perez\ntaxes.about.com
307117
Some states allow you to make the repairs yourself and deduct the costs from the rent.  Other states allow you to withhold rent until the repairs are made.  In all cases, though, you must give the landlord written notice of the need for repairs before you can take any action. \n\nGo to http://realestate.findlaw.com/tenant to read about landlord and tenant repair obligations.  Then click on the Resources link to get the specifics for your location.
133338
depends on what method you choose and what kind of machinery. also if you take additional first year depreciation.\n\nsee irs.gov