Can I improve my home and deduct if from my taxes?

Answer 1

There are tax credits available for certain environmentally-friendly improvements. See the link below for the IRS press release. You will observe that the credits are nothing to write home about.

If you took out a loan to improve your main residence, you can deduct the interest paid each year, subject to the usual rules (in brief, $1 million in loans is the max for purchase or improvement).

Even if you cannot deduct the cost of improvements immediately, keep receipts in case you sell the home at a whopping gain as you can add them to the cost of the property and reduce any tax bill. Most people never have a problem with this, though. The tax-exempt amount is $500,000 gain for a married couple filing jointly and $250,000 for everyone else.

Answer 2

Only if you use the house as income (like a rental property). You could also deduct home-office expenses if your company does not cover them.
However, keep those receipts. If you ever go to sell the house, you can in fact deduct the cost of almost all improvements from your taxes if you sell the house at a profit from what you originally bought it at. For instance, say you bought a house for 200,000, lived there five years, and sold for 300,000. But during that time, you spend 50,000 in upgrades. Now when you sell, you will only have to pay taxes on a 50,000 profit, not the full 100,000 profit.

Answer 3

There are some programs like weatherization (replacing windows, doors, roof and furnaces) that are tax deductible. Call the IRS 800 number ans ask them.

Answer 4

There are tax credits available (up to $500) by replacing windows, caulking windows and doors, adding insulation. It's only for tax years 2006 and 2007. It's 10% of the amount that you spent.

Answer 5

not your primary residence - no. can deduct from gain when sell if owe taxes then.

Answer 6

i think only if you rent your house.

Answer 7

no