2006-12-18 13:19:04 · 5 answers · asked by Sandy G 1 in Business & Finance ➔ Taxes ➔ United States
The credit for energy efficiency improvements is temporary, good for this year and next unless it's extended. You don't have to itemize to get it.
Other than taxes and interest, there aren't usually other itemized deductions. But in addition to those, most people have deductible state and local taxes - if not, can take a deduction for sales tax. Contributions are also deductible.
2006-12-19 04:18:43 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Tax and interest is pretty much what you can get in terms of deductions.
If you're looking to rent a portion of your home, you can deduct any expenses you incur for upkeep, maintanance, utilities etc.
You may even be able to depreciate the property and take a deduction for that as well. However, you will run into a more complex problem when you go to dispose the property.
You can dispose a personal residence with a $250K gain without paying tax. However, if you use your home becomes a business, you won't be able to take advantage of that.
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2006-12-18 14:34:01 · answer #2 · answered by KillerKat 3 · 0⤊ 0⤋
as properly to loan pastime, genuine property tax paid additionally counts as an itemized deduction. in case you get carry of your place after 4-8-08, you could qualify for the 1st Time Homebuyer credit. it particularly is properly worth as much as $7,500, yet there are strings related. it particularly is unquestionably an pastime unfastened loan which ought to be repaid over the subsequent 15 years, and in case you progression the full quantity turns into due. Edited to function: I forgot to point that numerous of the above solutions are incorrect relating to the non-public ability property credit (ie: a credit of as much as $500 abode windows, warmth pumps, etc.). That credit would be attainable lower back for 2009. nut substitute into no longer attainable for 2008.
2016-10-18 11:23:13 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Outside of writing off the mortgage interest, I don't think there are any.... in VA anyway.
You can 'rent' part of your house and write it off as a business expense if you operate a business from your home... but seek some accounting advice as this is red flag material for the IRS
2006-12-18 13:23:00 · answer #4 · answered by justr 3 · 0⤊ 0⤋
anything that would add an "energy efficient" aspect like new windows, should be deductable.
2006-12-18 13:28:14 · answer #5 · answered by missy_mae6 2 · 0⤊ 0⤋