Is a standard 40 gallon natural gas water heater in a residential home tax deductible?
2006-11-01 03:26:44 · 6 answers · asked by jim83181 2 in Business & Finance ➔ Taxes ➔ United States
If you were buying the water heater for rental property that you owned and reported on your tax return, then yes. If it is for your personal residence, then no.
2006-11-01 07:10:46 · answer #1 · answered by Dave 3 · 0⤊ 0⤋
It would become part of your cost basis in the property which would reduce your gain on sale some day. It is possible if it meets the energey efficiency rules of the law it may qualify for anenergy savings tax credit.
2006-11-01 11:38:20 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
No. Only the high efficiency ones with an "Eco-Rating" are tax deductible.
The deduction is worth $500 in Gerogia though, and well worth it.
2006-11-01 11:42:39 · answer #3 · answered by ♥♥♥ Mommy to Two ♥♥♥ 5 · 0⤊ 0⤋
I know the tankless ones are if they are energy efficent, but that low is going to expire soon
2006-11-01 11:31:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Maybe if you run a business out of your home. Otherwise...no.
2006-11-01 11:33:54 · answer #5 · answered by Andrew B. 4 · 0⤊ 0⤋
No.
2006-11-01 11:33:59 · answer #6 · answered by cowboyupalready 2 · 0⤊ 0⤋