2007-03-04 08:38:58 · 2 answers · asked by Pam L 1 in Business & Finance ➔ Taxes ➔ United States
we put new windows in and they said we can claim due to energy savings, so wonder if the same applies for siding and roofing?
2007-03-04 08:51:38 · update #1
If they're improvements and not repairs, keep the records, and if you owe any capital gains taxes when you sell the house, the espenses for improvements might add to your basis and lower your taxes on the sale.
With your additional info, yes, there is a credit for certain energy saving improvements like the energy-efficient windows. A metal roof with pigmented coatings primarily designed to reduce heat gain in your home can also qualify - if you just needed a new roof, then no. And not the siding - but if there was insulation involved, that might qualfy if the cost is broken out separately.
2007-03-04 08:44:59 · answer #1 · answered by Judy 7 · 4⤊ 0⤋
No what you do is save all your receipts for your upgrades and repairs etc. when you sale your home is when you are able to use them.
2007-03-04 16:47:39 · answer #2 · answered by Anonymous · 0⤊ 2⤋