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.
Money you spend on your home breaks down into two categories, taxwise: the cost of improvements versus the cost of repairs. You add the cost of capital improvements to your tax basis in the house. Your tax basis is the amount you'll subtract from the sales price to determine the amount of your profit. A capital improvement is something that adds value to your home, prolongs its life or adapts it to new uses.