But Nov. 25 should be celebrated as an Independence Day of sorts, at least by professional athletes ... and probably their fans as well. That's the now forgotten day that baseball player Curt Flood changed sports in this country more than any athlete since Jackie Robinson.
Follow this four-step plan to arrive at the answer. 1. Ballpark the costs. First, get a handle on how much your remodeling dreams will cost. In general, major upgrades, such as a bathroom remodel or a family-room addition, run $100 to $200 and more per square foot. If youâll be using a design pro or remodeling contractor, discuss your project with them to get a rough idea of costs. 2. Figure out how much you have to spend.
If your expenses are $3,000 you cannot apply this rule to the first $2,000. If they total more than $2,000 you can deduct the home repairs/maintenance in one year, but you must depreciate home/land improvements. If the unadjusted basis was $200,000, the limit would be $4,000 ($200,000 x 2% = $4,000). If the unadjusted basis was $400,000 the limit would be $8,000.