Rent vs. Buy - What are you doing now?

[ansky]

I know you can write off interest paid, PMI, and property taxes. Can you write off any money spent making improvements to your home? For example, after we purchased our house this year we spent almost $2k on repairs to the heating system. Can that expense be written off?

[The Michigan Man]

Originally Posted by ansky

I know you can write off interest paid, PMI, and property taxes. Can you write off any money spent making improvements to your home? For example, after we purchased our house this year we spent almost $2k on repairs to the heating system. Can that expense be written off?

It adds to your basis when you sell your home (reduces the capital gain). It must be an improvement, not a repair, though.