I am having a new heating system installed in my home.Is that tax deductable?I am self employed,but work out of the home.
2007-12-13 00:12:14 · 4 answers · asked by Cheese 5 in Business & Finance ➔ Taxes ➔ United States
No, however you still should keep records of it as it will increase your cost basis when you sell and therefore reduce any capital gains tax at sales time should there be a taxable capital gain.
If you take a home office deduction for your home you add the cost of the heating system to your adjusted basis in the home for calculating the depreciation deduction that you take as part of your home office deduction. Those depreciation deductions allowed or allowable will be recaptured when you sell your home and are taxable even if the capital gain on the sale is not. One more reason to keep careful records.
2007-12-13 00:27:37 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If the new heating system meets the requirements for a home energy credit, you could get a small tax credit this year. It has nothing to do with being self-employed.
2007-12-13 08:20:36 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
We bought some Washington Mutual stocks at about $4000 and were declared as no value in 2013 but we did not know that we could claim as lost in last year return. Can we claim the lost this year and how much?
2015-03-25 05:32:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your new furnace *may* qualify for a tiny energy credit (it has to be a high end system), see www.energystar.gov.
2007-12-13 05:38:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋