Have You Been Saving Your Receipts?

This blog has been looking at home improvement from a few different angles recently, but there’s one that can stand to get a little more depth: taxes. As the market continues its recovery from the 2008 crash, many people are once again in a position where their homes are net assets. The good part of being a net asset is that when you sell the home, you’ll have made a profit — the bad part is that you have to pay taxes on those profits. This New York Times article goes into greater depth, but the upshot is this: save all your home repair and improvement receipts … forever.

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