Can I deduct home improvements on my taxes? What types of upgrades qualify, and are there any tax credits for energy-efficient renovations?
You can’t usually deduct home improvements on your taxes, but some upgrades can increase your home’s basis, reducing capital gains tax when you sell. Qualifying improvements include kitchen remodels, bathrooms, and roofs. For energy-efficient renovations, you may qualify for tax credits, like the Residential Energy Efficient Property Credit. Check with a tax professional for specifics and eligibility details!