| nt a bigger better home every time but the expenses | | | | constitute home repairs. But there is also a way to |
| are just mounting, hey wait, the government plans to | | | | bend the rules, that is show your house as home |
| give you some relief in the form of home | | | | improvement. So try repairing a few things when you |
| improvement. | | | | are trying to add a few things to your house. |
| Never cross the line between home improvement and | | | | A drop in home rates should be the ideal time to |
| repair. Both are different. | | | | improve homes, as you get the best of rates at the |
| So, what is home improvement? This would include | | | | lowest costs. If you do so, then you can deduct these |
| adding a fence, driveway, new room, swimming pool, | | | | expenses over the life of the loan and helps in saving |
| garage, porch or deck, insulation, new heating/cooling | | | | a lot. |
| systems, a new roof or landscaping. A capital | | | | On the other hand, if you use only a portion of the loan |
| expense, wherein you would be spending it once in a | | | | you have taken, then the deduction is proportional. The |
| lifetime. | | | | remainder is deducted over the life of the mortgage. |
| Now let's consider home repair. Home repair is | | | | You must also remember that points which are not |
| decidedly different from home improvement. It is | | | | deducted by the year the loan is paid off are usually |
| something you do to arrest the decay of your | | | | cent percent deductible in the payoff year. |
| property. You are spending to keep a check on the | | | | So, the next time, you are all ready to add a few |
| damage that has been done. A pure damage control | | | | things to your house and it could go a long way. A |
| What constitutes home repair? Repainting, any sort of | | | | good home is a beautiful home. |
| fixing, repairing leaks, and replacing broken fixtures | | | | |