Home Improvements and Your Taxes
A lifetime mortgage allows you to take out a loan that is secured against your property in return for either a cash lump sum or a regular income. If you’ve lived in your house for many years, and area housing prices have been gradually going up over all those years, a portion of your gain on sale could be taxable. If so, you can reduce the taxable gain by including the improvements in the cost basis of the house. Similarly, Young Alfred has a business relationship with Credible, a mortgage broker. Please click here for …
