2007-01-16 05:36:40 · 5 answers · asked by john g 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
You can only deduct home improvements if they were made for your business if you work out of home or if made for medical reasons. If you got a loan to pay fo the improvements then you can deduct the interest you paid.
Oh and the comment "getting it all back" is incorrect. If you are able to deduct it, then it will show up as an Itemized deduction on Schedule A. This will reduce your taxable income which in turn lowers your tax.
2007-01-16 06:42:46 · answer #1 · answered by bettabass 3 · 1⤊ 0⤋
Yes, take your receipts for the improvements with you when you get your taxes done. If you do your taxes yourself it is on the new tax forms which look like the '05 forms. There is a limit on how much you can claim, but I think you get almost all back. If you get confused take it to a professional. Do not go to H&R Block.
2007-01-16 13:46:39 · answer #2 · answered by Jnine 3 · 0⤊ 1⤋
There are currently some home energy credits available if the improvements give energy savings, such as new windows.
2007-01-16 13:44:44 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
No. Not unless you use your home for an office and make your living from your home, then you can deduct certain expenses, talk to a professional.
2007-01-16 13:43:25 · answer #4 · answered by billy 6 · 0⤊ 0⤋
if you have enough to itemize yes
2007-01-16 13:43:27 · answer #5 · answered by Rox 4 · 0⤊ 1⤋