Refinish Floor Cost Basis Selling House

Treating floor refinishing as maintenance when you want to expense it but treating it as an improvement when you want to use it in the basis seems like trying to have it both ways.

Refinish floor cost basis selling house.

The cost to refinish floors starts at 4 43 5 89 per square foot but can vary significantly with site conditions and options. Refinishing wood floors can be a major undertaking when you re already settled in a home. Replace any chipped or cracked floor tiles or refinish scratched or dented hardwood. Selling a home in as is condition.

Replace torn carpeting or have it steam cleaned especially if you have pets. A 20x16 320 square foot living room floor will cost about 1 230 to refinish while a 12x12 144 sf bedroom floor will cost about 540 to refinish. All the faucets leak. Cost to refinish hardwood floors.

When i am asked to sell a fixer upper more often than not you would not go in and replace all of the floors unless other improvements were going to be done to the home as well. Improvements you make to your home may add to your cost basis. Much of the electrical system doesn t work and the bathroom tub has fallen through the joists. To completely refinish a hardwood floor including sanding down the top layer to bare wood then applying several coats of new finish like polyurethane expect to pay flooring professionals 1.

It has holes in the walls all the way to the exterior and urine soaked wood floors. Get fair costs for your specific project requirements. The average cost to refinish hardwood floors is 3 75 per square foot with most homeowners spending between 3 and 5 per square foot to have their wood floors sanded stained and finished. The cost basis of your house is the original sales price of the house plus many of your settlement costs.

Regular maintenance is an expectation of every homeowner its just cost of owning a home. Is it worth the cost and disruption to refinish them before selling. For instance if the home has a kitchen from the 1970 s will yellow formica counters and original appliances it wouldn t make a lot of sense to add beautiful new. June 6 2018 written by paula pant.

Therefore you can claim 5 000 10 an expense of 500 each year for the next 10 years. Assuming you are at a 28 percent tax rate you will save 500 28 140 in taxes for the year. See professionally prepared estimates for floor refinishing work. We will also assume straight line depreciation meaning the cost will be spread out evenly over the 10 years.

See typical tasks and time to refinish floors along with per unit costs and material requirements. Our wood floors look worn.