Most people don’t realize that you could very well owe capital gains taxes on any increase in the value of your house when you sell it. Lots of times you can roll this over into a new home and receive certain tax credits in some circumstances, but for the most part you can expect to be hit by a large tax bill if you’re not careful.
One incredibly cool tip that most people don’t know about is that you can reduce the capital gains tax on any profit from the sale of your home by documenting the cost of any improvements that you made to the house over the years. In this article I thought I would draw up a quick checklist of home improvements that you can use that will qualify for this tax benefit.
Improvements to the house that will qualify for this tax benefit include any new rooms that you added on to as well as any porches that you added, any closets, any laundry chutes, and any improvements you did to the attic or the basement. Built-in furnishings also qualify so if you added shelves or new floor coverings be sure to document that. Any equipment that you added may also qualify. These things include garbage disposals, fire alarms, intercoms, any major appliances that you added and things like that.
Plumbing, heating, air-conditioning improvements qualify as well. These things include any new plumbing fixtures such as sinks or tubs or even water softeners as well as tanks or pumps too. Also if you upgraded the heating system or the air conditioner or added an attic fan or a dehumidifier these count as well. And let’s not forget installation or any other energy conserving devices.
Structural work qualifies as well and this includes adding screen vents to the attic or replacing roofing or gutters or any exterior coverings whatsoever. If you added awnings or sunshades or shutter blinds or even storm doors or storm windows then these will qualify as well. If you added new doors or windows or added reinforcing rods around the house be sure to keep track of it. And also if you had any work done on the foundation to get rid of water leakage or settling then these things can qualify too.
Finally any improvements you’ve made to the grounds may qualify for this tax benefit as well. These things include flood lighting or lampposts or even barbecue pits or incinerators. Don’t forget about underground sprinkler systems or mailboxes too as these should qualify. Also if you paved any surfaces or enlarged your patio or added recreational facilities like a swimming pool or even a children’s playground then you should be in good shape as well.
The trick is to keep track of all the money spent on all of these different things. Then you simply add them up and add them to the original cost of the house which you then subtract from the price that you sold the house for thus reducing your capital gains tax owed. Of course you’re going to want to be sure to contact your accountant to make sure you follow the correct forms but regardless this is a great way to save a lot of money.
Jason Markum has been an article writer online for well over 13 years. When he’s not writing articles, he has a good time running a hot tub store web site where he also reviews hot tub chemicals to keep your hot tub running smoothly.
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When the time comes to install a new restroom sink, you will be surprised by the number of different choices available. There are several styles, colors, and materials. Select carefully, because the sink is a major focal point in the bathroom. You not only need to consider what type of appearance you want to achieve, but moreover how practical you would like your sink to be.
The top mounting, or drop in sink is the most common type of sink. These are basic looking and very practical as they make way for a lot of counter space. As common as they are, they are difficult to install since they normally require that you purchase and install a counter that will take the dimensions of the sink. Yes, you can just keep the old counter and put in a new sink. But, that’s not really remodeling is it?
Opposite of a drop in sink is the undermount sink. Rather than dropping them in the counter, you must place the counter over the sink. The sink is held up with screws and adhesives. These provide a cleaner appearance compared to the top mount counterparts because the surface is 100% counter and no sink. It doesn’t matter if your caulking gets old and grimy since it will be out of sight.
An increasing number of home owners are using vessel sinks. With these types of sinks, the sink bowl is placed on top of the counter, part of it funneling down a small hole for the drain. Since drains are pretty standard in size, vessel sinks are very easy to install and switch. And because the bowls come in all kinds of styles, you could easily get one to go with any theme that you want.
Pedestal sinks are excellent when you have a rustic themed, or smaller restroom. The sink bowl is placed on top a long, narrow base. They are typically made in one piece, namely marble or porcelain. Although they clear up a lot of space within the restroom, they don’t allow for much space to set stuff on top.
Console sinks are one other option for smaller restrooms. The sink bowl is mounted to a counter, that is affixed to the wall at the back. They are held up with two or more legs. They do not have a cabinet beneath, leaving plenty of clear space. That helps make the restroom appear bigger, and are a great location to keep a storage cart.
Wall mounted sinks, as the name suggests, attach to the wall. They are the ultimate space saver and make for a very contemporary appearance. They don’t have support underneath and the only things keeping them up are wall fasteners and adhesives. These are most appropriate for smaller sinks, and consequently smaller restrooms. However, I have seen rather large wall mounting sinks installed successfully, although it is uncommon. The fixture is fairly delicate so I don’t recommend that you use them if you reside with small children.
No matter how great your sink looks, it won’t look as good as it can be if it doesn’t have nice faucets. I strongly recommend that you install an oil rubbed bronze bathroom faucet assembly. They last for several years, and command an ageless beauty which cannot be replicated by any other style of faucet. Go to http://oilrubbedbronzebathroomfaucet.org for additional information.
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With the stock market being where it is and the recession eating away at the economy, it’s become harder than ever to sell a home on the market today. Let’s face it, so many people have defaulted on their home loans that the market is flooded with cheap homes, making it hard to get anything done!
One way to make your home stand out from the rest is to fix it up…but you have to do it the right way! Fixing up the things I’m going to discuss in this article today should add value to your home allowing you to sell it easier or get more money out of a refinance with the bank.
When it comes to renovations that add value to your home, you want to stick to the trends of the day. Whatever is trendy, whatever is popular, that’s what you want focus on. Today some of the main trends revolve around energy-saving appliances, green is in, as well as European stylings.
Designer laminates are very popular for kitchen renovations but wood is still very popular too when it comes to counter tops as well as beams and trim treatments.
Lighting is important too and sometimes very inexpensive to do. These sort of things can include high-tech fixtures that focus on lighting up specific work areas all the way to dimmer switches.
One important trend that seems to be in high demand is the idea of having open kitchens that are integrated into living areas. This is most likely going to include removing a wall or two so it’s not to be done by the lighthearted!
Bathrooms are another area that it can pay to remodel. When it comes to this sort of thing, you usually have two main options and those are to either renovate a current bathroom or add on a new bathroom. Many times additions make the most sense from an economic point of view especially if your house only has one or two bathrooms to begin with.
It may only cost between five and $10,000 to add a new second bathroom, but that can often translate into 100% or 140% increases over the cost you paid for the renovation.
If you choose to renovate an old bathroom you need to be very careful because quite often piecemeal renovation can get carried away with itself and end up costing more than it would’ve cost you to add a new addition! So you really need to be careful. You want to spend as little money as possible on that sort of thing.
Finally replacing windows, doors, and skylights that are not energy-efficient with new energy-efficient models can do wonders for resale value as well.
So there you have several home renovation ideas that can increase the value of your home if you’re trying to sell and can add value to your home and allow you to refinance at a higher rate as well.
Jason Markum has been an article writer online for well over 13 years. When he’s not writing articles, he has a good time running a cheap hot tubs web site where he also reviews discount hot tub covers for your personal use.
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Let’s face it: not everyone wants a home that looks spanking new. Due to the proliferation of too many homes which are dressed in a predictable contemporary style, people are exploring other options to distance themselves from cookie cutter design. And how do they do this? Some went the road less traveled by opting for unconventional themes like industrial or avant garde. Others decided to introduce a hint of history into their homes – Art Deco, Victorian, Retro-50′s or Frank Lloyd Wright’s Prairie period fascinates them.
Making an old place new is easy – all you need is spend some money to get it renovated. Dressing up a new place to make it look like it was there for a longer period of time is not so straight-forward, although there are some simple tricks to do this. Antiques and vintage furniture immediately come to mind. But that’s not all to it. Start with the walls. There are plenty of faux painting techniques for achieving a distressed look. Porter’s Original Paints offers many suitable paint products to make the job easier too. Else, there is a wide range of wallpaper design to choose from in the market. For those who are more adventurous, raw materials like battered, unfinished brick walls also add decades to the design.
Color-wise, do take care that you don’t choose something too bright and modern – muted, pastel tones often create a comfortable, nostalgic look. To neat freaks, junk and antiques shops can be like little shops of horror at times. With porcelain vases, well-worn colonial-style window frames and other bric-a-brac strewn on the floor, you wouldn’t think you have a chance to squeeze through to the end of the shop and back without toppling a gramophone. But the fact is you’ll seldom chance upon an artifact of exquisite craftsmanship and rich history unless you really get your hands dirty.
Ornate doors and screens are most commonly used in home decor to add visual interest. Where the theme suits, moldings and mantels add a lot of character to a room that is otherwise just a big white box.
Don’t overlook the finer details too. Vintage or retro accessories and lighting help to unify the entire theme, while shiny aluminum doorknobs and handles just don’t speak ‘old’. Add artwork from the era that inspired your home and you’ll enjoy a living experience which offers the best of yesterday and today.
Stanley Tham is a design consultant with KNQ Associates. His work has been featured in various publications and blogs like Home Concepts (Singapore), Modern Home (Hong Kong) and Apartment Therapy (U.S).
Find more interior design ideas on Stanley’s blog Home Rejuvenation.
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