2007-04-15 10:42:33 · 4 answers · asked by trent 1 in Business & Finance ➔ Taxes ➔ United States
There is a home energy credit for a few items - insulation, replacement windows and doors, and a few other items. That is a credit, not a deduction, and the allowable credit amount comes off your taxes in the year the money is spent.
Other than that, home remodeling can usually be added to the cost basis for your house, which would reduce taxes owed when you sell it if you owe any.
2007-04-15 14:04:37 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The first two answers are right.
I am a CPA and and an IRS agent and I have never heard of deductions for home improvements except those already discussed in the other 2 answers and possibly for business or medical purposes.
2007-04-15 19:02:43 · answer #2 · answered by RAG 2 · 0⤊ 0⤋
I never heard of that one. If you're talking about home improvements for energy efficiency, that's different. I think that if you put in new A/C, windows, and other things there are credits available.
2007-04-15 17:50:24 · answer #3 · answered by dapixelator 6 · 0⤊ 0⤋
I know that putting in insulation is a tax break on state taxes
2007-04-15 17:46:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋