Adjustments to Basis
Below are some items that will either increase basis of decrease basis.
Improvements to increase basis
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Additions
Bedroom
Bathroom
Deck
Garage
Porch
Patio
Lawn & Grounds
Landscaping
Driveway
Walkway
Fence
Retaining wall
Sprinkler system
Swimming pool
Miscellaneous
Storm windows, doors
New roof
Central vacuum
Wiring upgrades
Satellite dish
Security system |
Heating & Air conditioning
Heating system
Central air conditioning
Furnace
Duct work
Central humidifier
Filtration system
Plumbing
Septic system
Water heater
Soft water system
Filtration system
Interior Improvements
Built-in appliances
Kitchen modernization
Flooring
Wall to wall carpeting
Insulation
Attic
Walls, floor
Pipes, duct work |
Some items decrease the basis of your property. Some of these items include the Section 179 deduction:
- The deduction for clean-fuel vehicles and clean fuel vehicle refueling property
- Deductions previously allowed or allowable for amortization, depreciation and depletion
- Exclusion from income of subsidies for energy conservation measures
- Credit for qualified electric vehicles
- Gain from the sale of your old home before May 7, 1997 on which tax was postponed
- Deductible casualty and theft losses and insurance reimbursements
- Certain canceled debt excluded from income
- Rebates received from a manufacturer or seller
- Easements
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