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Can you claim Home Improvement purchases on your income tax??

Question by Stephanie: Can you claim Home Improvement purchases on your income tax??
can you also claim medical expenses? If yes, what is the minimum you had to pay out on each in order to claim them? thank you in advance
in addition to the medical expenses I also want to know if you can also claim the cost of health insurance that you paid in.

Best answer:

Answer by RJ
There is one place to take home improvements. You need to goto irs.gov and read about a tax credit for energy saving home improvements tax credit. If they weren’t to make you home more energy efficient then they is no deduction just addes to the basis you have into your home for figuring gains in the future when you sale your home. As far as the medical it is deductible on a Sch A if you have enough. The first 7.5 % of your adjusted gross income dont count. anything above that amout could possibly be deducted on the Sch a under medical.

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2 comments

  1. You can benefit from home improvements if you made energy efficient improvements.
    You can get a 10% credit for energy efficient improvements. Basic Requirements:
    You purchase and install qualifying energy-efficient property in your main home in the years 2006 or 2007. You must purchase new energy-efficient equipment, and the equipment must be expected to remain installed for at least five years.
    Examples of home improvements that could qualify as tax credits:
    * exterior doors and windows
    * storm windows
    * skylights
    * metal roofs
    * insulation
    * central air conditioning and heating
    * geothermal heat pumps
    * hot water boilers
    * advanced main air circulating fans

    http://www.irs.gov/pub/irs-pdf/f5695.pdf

  2. Not home improvement expenses, no. You can add them to the basis of your house though, and if you’d owe tax when you sell, that would reduce it.

    Medical expenses that exceed 7.5% of your income can be claimed as itemized deductions, if you have enough total deductions to be more than your standard deduction.

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