| Most people don't realize that you could very well owe | | | | forget installation or any other energy conserving |
| capital gains taxes on any increase in the value of | | | | devices. |
| your house when you sell it. Lots of times you can roll | | | | Structural work qualifies as well and this includes |
| this over into a new home and receive certain tax | | | | adding screen vents to the attic or replacing roofing or |
| credits in some circumstances, but for the most part | | | | gutters or any exterior coverings whatsoever. If you |
| you can expect to be hit by a large tax bill if you're not | | | | added awnings or sunshades or shutter blinds or even |
| careful. | | | | storm doors or storm windows then these will qualify |
| One incredibly cool tip that most people don't know | | | | as well. If you added new doors or windows or added |
| about is that you can reduce the capital gains tax on | | | | reinforcing rods around the house be sure to keep |
| any profit from the sale of your home by documenting | | | | track of it. And also if you had any work done on the |
| the cost of any improvements that you made to the | | | | foundation to get rid of water leakage or settling then |
| house over the years. In this article I thought I would | | | | these things can qualify too. |
| draw up a quick checklist of home improvements that | | | | Finally any improvements you've made to the grounds |
| you can use that will qualify for this tax benefit. | | | | may qualify for this tax benefit as well. These things |
| Improvements to the house that will qualify for this tax | | | | include flood lighting or lampposts or even barbecue |
| benefit include any new rooms that you added on to | | | | pits or incinerators. Don't forget about underground |
| as well as any porches that you added, any closets, | | | | sprinkler systems or mailboxes too as these should |
| any laundry chutes, and any improvements you did to | | | | qualify. Also if you paved any surfaces or enlarged |
| the attic or the basement. Built-in furnishings also qualify | | | | your patio or added recreational facilities like a |
| so if you added shelves or new floor coverings be | | | | swimming pool or even a children's playground then |
| sure to document that. Any equipment that you added | | | | you should be in good shape as well. |
| may also qualify. These things include garbage | | | | The trick is to keep track of all the money spent on all |
| disposals, fire alarms, intercoms, any major appliances | | | | of these different things. Then you simply add them up |
| that you added and things like that. | | | | and add them to the original cost of the house which |
| Plumbing, heating, air-conditioning improvements qualify | | | | you then subtract from the price that you sold the |
| as well. These things include any new plumbing fixtures | | | | house for thus reducing your capital gains tax owed. |
| such as sinks or tubs or even water softeners as well | | | | Of course you're going to want to be sure to contact |
| as tanks or pumps too. Also if you upgraded the | | | | your accountant to make sure you follow the correct |
| heating system or the air conditioner or added an attic | | | | forms but regardless this is a great way to save a lot |
| fan or a dehumidifier these count as well. And let's not | | | | of money. |