CNN host Chris Cuomo has apologized after referring to an Indian-American White House staffer as âRaj whatever-his-name-isâ on air this week. Viewers and critics accused Cuomo of racism, which he refuted during his apology.
The Internal Revenue Service (IRS) allows taxpayers to deduct the cost of home improvements from their income taxes, but only if the improvements were performed for medical reasons and on their main residence.
Loss from personal home is not deductible. If you have a profit then you may have to report sale on schedule D (Form 1040) if you do not meet the conditions for $250,000 income exclusion. If you owned your main home for two years and lived for two years in past five years, then you can exclude gain of up to $250,000.