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Can you write off home improvements on taxes?

Q: Can we write off our home improvements on our taxes? (IRS loophole that helps finance home repairs)
Eli, Parsippany, NJ

A: Good question, Eli. The IRS gives special tax treatment to certain types of loans for home improvements. Single filers can deduct up to $500,000 and married filers up to $1 million dollars of mortgage interest that’s used to buy, build or improve a first or second home. This may allow you to deduct interest paid on home repairs and improvements if for example you use a home equity line of credit to pay for the repairs. Thanks for your question, Eli—good luck. For more real estate tips and information, visit geraldlucas.com or performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.

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