My air conditioner broke this past summer and had to fix it. It cost me 5,000 to replace. I was wondering can I used that in anyway when I file my taxes. IF so, would it help in getting a larger return amount? Also what else can I use in my taxes beside the car, mortgage, property tax, and school tuition?
2007-02-09 09:18:02 · 7 answers · asked by dvang 1 in Business & Finance ➔ Taxes ➔ United States
No, you can't - it's a personal expense.
And the car isn't deductible either, unless it's used for business. Commuting to work doesn't count. If you bought a new car and it's electric or a hybrid, there could be an energy credit.
If you are itemizing, you can deduct state and local income taxes and charitable contributions in addition to your mortgate INTEREST and your property taxes. There are other items too but these are the common ones - download the instructions for form 1040 schedule A and read through it to see others.
2007-02-09 09:23:12 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
Unfortunately, expenses of a home can only be used to increase your "cost basis" for the home, which means that you can deduct it from profit when you sell it.
For other deductions, get some of the free IRS publications on deductions and tax credits. There are many rules and they keep changing, so the IRS booklets are the best info at no cost. Try the link below.
2007-02-09 09:28:14 · answer #2 · answered by roxburger 3 · 0⤊ 0⤋
Was your air conditioner a central air unit? If it was and you replaced it you may qualify for the credit available for this year and next. The IRS is giving a credit to homeowners who purchase an energy saving item for their home. Some examples are Exterior Doors, Exterior Windows, Heat Pumps, Hot Water Heaters, Metal Roofs, Solar Panels, etc. If you pay to have your taxes done ask your tax preparer, they will have the information for you. If you do them yourself go to IRS.gov and look up Energy Credit to get the form that you need.
It is called the Residential Energy Credit
2007-02-10 08:36:39 · answer #3 · answered by taxlady1975 2 · 0⤊ 0⤋
Just to make sure I understand, you sold a piece of land, bought a house, and now own three properties. Of the three properties, you rent one, live in one, and are fixing up one to eventually become your main home. 1. You pay tax on the gain (if any) of the property you sold. 2. You continue to claim your existing rental and main home as usual. 3. For the home you are fixing up, you do not claim the down-payment or repairs as a loss. The repairs are added to the cost basis of the house to figure the gain or loss when you eventually sell it. Since this is now your "second home," you can deduct mortgage interest and property taxes paid for this house on Schedule A (just like you probably do with your current home). Depending on how the loan from your job you took out to help with the down-payment is classified, you may or may not be able to claim interest on that loan as mortgage interest.
2016-05-24 02:36:24 · answer #4 · answered by Bibiana 4 · 0⤊ 0⤋
I don't believe you can, and as for your car, if you use it for work/school you should be able to deduct mileage OR actual expenses if you are an independant contractor. If you bought an energy efficient vehicle there should be a deduction you could take...check to see if the new a/c unit you bought falls under any energy efficient guidelines...that may be the only way you could - don't know for sure, check irs.gov...good luck!
2007-02-09 09:41:11 · answer #5 · answered by swampysgirl 2 · 0⤊ 0⤋
Can not - no. That is an improvement to your property that will make you money. What on your car are you using? No mileage unless self-employed or non-commuting business use.
2007-02-09 09:24:20 · answer #6 · answered by vegas_iwish 5 · 1⤊ 0⤋
no and no car deduct either. I do believe you can deduct heating systems and engery efficient items this year check out irs.gov
2007-02-09 09:26:24 · answer #7 · answered by rendezvouschik 2 · 1⤊ 0⤋