Let’s face it: if you’re visiting Stair Parts Depot in search of the finest quality stair parts online, you’re probably also interested in other home improvement projects. We intend to make this area a valuable resources for ALL YOUR HOME IMPROVEMENT NEEDS!
A while back we featured
Fuel sources: Certainly your choice of energy source(s) can have a huge impact on the environment (and your pocketbook). For example, propane powered appliances can significantly reduce greenhouse gas emissions by as much as 70 percent ehn compared with electricity. Likewise, propane-powered storage water heaters will emit upwards of 35 percent less greenhouse gas than electric models.
Part 3 will feature Green Upgrades to save you money and help the environment.
According to a recent survey conducted by Angie’s List 2015 will see an increase in the amount of money home owners are willing to spend in their home improvement projects. in fact, a full 25 percent are planning to spend $10,000 or more in 2015 on home improvements.
And what will these (expensive) projects be? The usual: kitchens, bedroom, bathrooms but more homeowners are also looking for bigger closets and extra pantry space. And some are looking for “luxurious” bathrooms.
Experts say that remodeling a bathroom brings an excellent return on investment – generally around 80 percent. However, they point out that remodeling a bathroom can be expensive with an ‘average” bathroom costing around $20,000 and $50,000 for a master bathroom.
As most homeowners know a crucial difference between home repair and home improvement is what can be written off on taxes.
The answer is pretty simple: home improvement – that which adds to a property’s value or prolong’s it’s life, is tax deductible.
Home repair is not tax deductible.
Now many would argue that replacing a leaky kitchen faucet is adding value to a property but the Internal Revenue Service doesn’t see it that way.
A property’s basis – the value of the property including any improvements is what determines if any tax is owed on the sale proceeds. The home’s basis is subtracted from the sale price to determine profit.
However, if the profit is $250,000 or less for a single seller or $500,000 or less for a married couple filing jointly, no tax is owed on the home sale profit.