What home improvement expenses can I deduct on my taxes?
An example of an AI chatbot conversation about home improvement tax deductions.
What home improvement expenses can I deduct on my taxes?
You can deduct expenses related to home improvements that increase the value of your home, such as renovations or energy-efficient upgrades.
Are there specific improvements that qualify for deductions?
Yes, improvements like adding a new roof, installing solar panels, or upgrading your HVAC system may qualify.
What about repairs? Can I deduct those too?
Repairs are generally not deductible unless they are part of a larger improvement project that adds value to your home.
How do I keep track of these expenses for tax purposes?
It's important to keep receipts and documentation of all expenses related to the improvements, as you'll need them when filing your taxes.
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