Breaking News
Home - Community - Can you get tax breaks for home improvements???

Can you get tax breaks for home improvements???

Question by me: Can you get tax breaks for home improvements???

Best answer:

Answer by Banjo and Sullivan
If you have a home equity line, you can claim that on your taxes. If it is home improvements from your personal assets, then it is not possible. You can claim investments on your taxes.

Give your answer to this question below!

5 comments

  1. Yep every year just use the long form for your taxes. It will explain how much you can deduct each year off your taxes

  2. Only for a few that meet the requirements for residential energy credits, such as new windows. See form 5695 for details – download at irs.gov

  3. There were certain tax credits that expired at the end of the year for “green” improvements- if you put in a furnace, house fan, air conditioning, windows–things that reduce energy dependence–there are some specific tax breaks you may be eligible for. If you renovated your bathroom and put in granite counters in your kitchen, for instance, there is no tax break for that kind of improvement.

  4. Only if you took out a home equity loan, a HELOC or replaced a window or door, or added insulation.

  5. carnaby_fudge

    the home improvement must be something to improve energy efficiency. like a new energy efficient water heater, a solar energy system, etc. and you can only claim a portion of it. the percentage depends on what it is you did. you must itemize your deductions to claim it.
    i put in solar screens last year and was able to deduct 10% of the cost on my taxes. look on schedule a. there’s a separate form just for energy deduction type things. it’s fairly specific as to what you can deduct and how to deduct it.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Wordpress SEO Plugin by SEOPressor
WordPress SEO
The owner of this website is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon properties including, but not limited to, amazon.com, endless.com, myhabit.com, smallparts.com, or amazonwireless.com.
Home Privacy Policy Terms Of Use Can you get tax breaks for home improvements??? Can you get tax breaks for home improvements??? Contact Us Affiliate Disclosure Can you get tax breaks for home improvements??? DMCA Earnings Disclaimer
Searching...