I've looked around and can't find an answer to this.
We've been in our home since 1992 and plan on selling in the spring of 2007. Values here have appreciated quite a bit. Anyway, we were keeping receipts for work done on the house. The questions:
1) Can we use these receipts to reduce the profit on the home sale? 2) What does or doesn't qualify for this? I thought that improvements counted - like if we redid the kitchen and put in upgraded cabinets it would count but stuff like paint and light fixtures wouldn't since their purchase was part of a home repair (you have to paint once in a while, and light fixtures do go south). Thanks, Rick