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