2006-11-11 01:30:58 · 3 answers · asked by damomma 1 in Business & Finance ➔ Taxes ➔ United States
Do you mean a furnace in your own home? That is not deductible currently. however, if you make a large gain on the sale of the home ($500,000 if you are married filing jointly or $250,000 otherwise) it can form part of the basis.
If you are talking about rental property or in a property you use for business purposes it is a depreciable asset.
2006-11-11 02:01:44 · answer #1 · answered by skip 6 · 0⤊ 0⤋
Not if it is in your personal residence. It will be an addition to your basis and could lower your tax when you sell the home. If the furnace is for a rental or business property you would depreciate it and therefore provide some deduction.
2006-11-11 13:40:27 · answer #2 · answered by ? 6 · 0⤊ 0⤋
If you install a high efficiency furnace or heat pump you may qualify for an Energy Tax Credit new for 2006. It must be a "qualified" unit to shop carefully and ask to see the certification for the unit you are thinking of buying before you sign.
2006-11-14 05:03:54 · answer #3 · answered by daoco 4 · 0⤊ 0⤋