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Looking to jazz up your living room or create a serene backyard oasis?
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Kitchen and bathroom renovations often yield the highest return on investment.
For personal residences, no. But if it's a rental or business property, you might depreciate the expense over time.
Home improvements, unless made for medical reasons, aren't directly deductible. However, they can add to your home's basis, which may reduce taxable gains when you sell.
It suggests homeowners should get at least three bids from different contractors to ensure they receive a fair price.