I put vinyl siding on my home last year and I want to know if i can deduct the total cost on my tax return.
2007-03-24 11:15:50 · 5 answers · asked by PacMan 2 in Business & Finance ➔ Taxes ➔ United States
No, it's not listed as one of the items eligible for the residential energy credit. If there was insulation done as part of the work, and its cost was broken out separately, then that part would be. Otherwise you'd have to just add the cost to the basis of your house - if you owe any taxes when you sell it, that would lower the tax.
2007-03-24 11:26:22 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
It becomes part of your basis unless the house is a rental property, in which case you could depreciate the improvement. Otherwise, you may want to look into the energy credit, if the siding improves the energy efficiency of your home....
2007-03-24 19:14:34 · answer #2 · answered by RotoGuru78 1 · 0⤊ 0⤋
No.
The cost would reduce your basis if you sell your house and have to recognize the profit for tax reasons, but you can't deduct it otherwise.
2007-03-24 18:22:52 · answer #3 · answered by Box815 3 · 0⤊ 1⤋
No, it simply increases your cost basis in your home.
2007-03-24 18:58:37 · answer #4 · answered by sunshine 3 · 1⤊ 0⤋
No
2007-03-24 19:20:15 · answer #5 · answered by Ola 4 · 0⤊ 0⤋