Can I Deduct Home Repairs On My Tax Return?

Can I Deduct Home Repairs On My Tax Return?
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
You had a lot of repairs done on your primary home this year. And you’re probably wondering, there’s got to be someplace where you can deduct those on your tax return. And the answer is no. In most cases, again, unless it’s a home office or something where you’re self-employed and those extensions were doing to grow your business, then actually you increase the value of the home and at that time, that’s all it is. It’s an investment and when you sell the home of course we have an automatic exclusion of $250,000 for an individual $500,000 for a married couple above what you’ve paid for it or put into it. If you need help with your taxes, all you need to do is go to drfriday.com and click on appointment.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.