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 Sunday, February 12, 2012
Tip of the Day Categories » General Household Tips

Record Home Improvements

April is National Home Improvement Month. This is the month America starts fixing up and adding on. From kitchen and bath remodeling to new decks or room additions, people are taking on projects from border to border and coast to coast. Homes will be better, but are you getting the most for your money? It's also April 15th, National Income Tax Filing Day. If you keep receipts for all that's been done, the first one can help the second. Improvements to your home increase its value, and also increase your investment in the house. As you fix up, add on and remodel, it's important to keep a detailed record that includes receipts for all related costs. This represents your "added" investment, which reduces your profit at time of sale. If your gain is less, the taxes paid will be, too. So, as you begin planning upgrades and add-ons, in addition to picking products, getting bids and choosing a contractor, don't forget the taxman -- he can help, too. And that's the On The House tip for today.

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