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is there anything about home improvements that may be tax deductible?

ie: window up grades etc...
is there anything about home improvements that may be tax deductible? ie: window up grades etc
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Answered in 4 minutes by:
7/1/2012
Charles Markham
Charles Markham, EA, MST, USTCP
Category: Tax
Satisfied Customers: 769
Experience: IRS Enrolled Agent, US Tax Court Practitioner
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TaxWhisperer :

I hate to be the bearer of bad news, but there aren't any tax credits etc. Since you own your home, you always want to keep track of your "cost basis" which includes all of the improvements made to your home, but since the first $250K of gain ($500K if married) is tax free anyway, I frankly doubt this will come into play.

TaxWhisperer :

There was a very small energy tax credit but it expired in 2011 and you mentioned you are doing this now (2012)

TaxWhisperer :

No, later this year, Congress is going to have to reauthorize a whole bunch of expiring and expired tax credits so they MAY vote to reauthorize this.

TaxWhisperer :

Sorry to be the bearer of the bad news, but you paid for the real answer.

TaxWhisperer :

If there is something I left out, or you still have a question, please resply.

TaxWhisperer :

Thanks

TaxWhisperer :

Hi, I see you are in chat. Please ask any questions you have on this or any other topic.

Customer:
Charles Markham
Charles Markham, EA, MST, USTCP
Category: Tax
Satisfied Customers: 769
Experience: IRS Enrolled Agent, US Tax Court Practitioner
Verified
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