Home Improvement Reciepts

[legomom922]

We had installed a hose, spicket etc to the back of our home and moved the one from the inside of the garage to the outside of the house. It required alot of plumbing supplies, tools, etc. We had to purchase everything to do this project. So the whole project cost appx $200, so do I claim & deduct each individual item as a purchase, or do I add the entire $200 cost of the project to the value of the home? I'm not sure if I am suppose to add together everything on all the reciepts. I am assuming I just add the whole cost to the value of the home, but I have been wrong before. LOL

ETA: We also had to purchase some tools to do this job, such as a hammer drill, a torch kit, pipe cutter, which can be used on other things, but needed for this project, so again, how do I break the cost down of this project? Would I claim tools as a t/s% deduction or is that now condsidered as part of the home improvement project?

[TomCopeland]

home repairs

Deduct the time-space % of the $200 as a house repair on Form 8829. Same thing for all the tools.

[legomom922]

Deduct the time-space % of the $200 as a house repair on Form 8829. Same thing for all the tools.

Tom, you are confusing me friend..last night on my other thread about home impovements you said it was a home improvement, so I just need clarification if it s repair or a improvement. LOL

So all the needed parts that I bought, I claim as a deduction?

[TomCopeland]

home improvements

Last night I didn't know how much this cost. At $200 I think it's a stretch to call it a home improvement. Claim all as a deduction.

[legomom922]

Ok got it. I was applying the $100 rule. LOL

[legomom922]

What is the general rule of thumb cost wise to call something a home improvement anyway?

[Abigail]

What is the general rule of thumb cost wise to call something a home improvement anyway?

I'm wondering the same thing. Just for future reference.

[TomCopeland]

home improvements

Anything that costs less than $100 should be deducted in one year and not depreciated. This is a rough rule of thumb. In general, a home improvement is something that increases the value of a home (remodeling, new roof, new furnace, deck, kitchen counter tops, etc) whereas a repair/maintenance is something that maintains the value of a home (paint, fixing broken class, etc.).