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Home interest deductions
I had new siding put on my home last year. Is there a way to use it as a deduction?
Repairs, maintenance, and improvements to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
If you took a personal loan, that interest is not deductible. Only interest on a mortgage secured by your home is deductible.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
If you took a personal loan, that interest is not deductible. Only interest on a mortgage secured by your home is deductible.
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