Home improvement and home repair tips: On The House with the Carey Bros.
Home
What's New
Tip of the Day
Weekly Project
Monthly E-Newsletter
Q & A
Features
Radio Show
About the Bros.
About Rebecca Cole
Contests & Promotions
Our Partners
Mailing Lists
Contact Us
Employment Opportunities
Affiliate Toolbox
Buy our Books!




Search for the answers to your home repair and home improvement questions.
 Sunday, February 12, 2012
Tip of the Day Categories » Buying, Selling, and Insuring Your Home

Reduce Home Sale Profits

Home prices are soaring, and those who sell now have to worry about profiting too much! Today, you'll learn how home improvements reduce home sale profits and the capital gains tax you may have to pay. If you live in a home for at least two out of five years, married couples can keep $500,000 profit tax-free, while single homeowners get a $250,000 exclusion. But often overlooked are the costs of home improvements and upgrades that can be added to what was paid for the home to reduce overall profit and save on capital gains. So what qualifies? Forget maintenance and repairs. Only permanent improvements that prolong the life span of your home increase its value. Adapting an area for a new use will also help the "bottom line." This includes remodeling, room additions, decks, landscaping, or a new roof, to name but a few. Over the years, keep careful records. Save all receipts and have cancelled checks to document what you've done and what it cost.

See more tips in the Buying, Selling, and Insuring Your Home category!

Sign up for the Tip of the Day mailing list and receive a new Tip of the Day every day! Our mailing lists are the easiest way to read our latest tips... and best of all, they're On The House!


Random Tip of the Day!
Electric dryer no-no
What happened to make it not go? It's an electric dryer no-no.


View Printer-Friendly Version View Printer-Friendly Version
Send this Article to a Friend Send this Article to a Friend
Listen to the Audio Clip! Listen to the Audio Clip!


About the Bros. | Advertise | Contact Us | Privacy Policy
On The House Media © 1996-2012 All Rights Reserved.