| You want a bigger better home every time but the | | | | constitute home repairs. But there is also a way to |
| expenses are just mounting, hey wait, the | | | | bend the rules, that is show your house as home |
| government plans to give you some relief in the | | | | improvement. So try repairing a few things when you |
| form of home improvement. | | | | are trying to add a few things to your house. |
| Never cross the line between home improvement | | | | A drop in home rates should be the ideal time to |
| and repair. Both are different. | | | | improve homes, as you get the best of rates at the |
| So, what is home improvement? This would include | | | | lowest costs. If you do so, then you can deduct |
| adding a fence, driveway, new room, swimming pool, | | | | these expenses over the life of the loan and helps in |
| garage, porch or deck, insulation, new heating/cooling | | | | saving a lot. |
| systems, a new roof or landscaping. A capital | | | | On the other hand, if you use only a portion of the |
| expense, wherein you would be spending it once in a | | | | loan you have taken, then the deduction is |
| lifetime. | | | | proportional. The remainder is deducted over the life |
| Now let's consider home repair. Home repair is | | | | of the mortgage. You must also remember that |
| decidedly different from home improvement. It is | | | | points which are not deducted by the year the loan |
| something you do to arrest the decay of your | | | | is paid off are usually cent percent deductible in the |
| property. You are spending to keep a check on the | | | | payoff year. |
| damage that has been done. A pure damage control | | | | So, the next time, you are all ready to add a few |
| What constitutes home repair? Repainting, any sort | | | | things to your house and it could go a long way. A |
| of fixing, repairing leaks, and replacing broken fixtures | | | | good home is a beautiful home. |