| Posted By |
Message |
mrsjpierre
LIF Infant
Member since 10/07 263 total posts
Name:
cindy
|
tax write off .....home improvements?
what kind of home improvements can i write off my taxes?
new roof?
new chimney?
|
Posted 2/13/09 9:43 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: tax write off .....home improvements?
I *think* you can only write off improvements on investment properties, not on your primary residence. There are exceptions though - I know there are tax credits for new energy efficient doors & windows.
|
| Posted 2/13/09 9:56 AM |
| |
|
TreAnt427
-
Member since 8/06 8652 total posts
Name:
Tracy
|
Re: tax write off .....home improvements?
The only thing we were able to claim were our energy efficient appliances. Most of the work we did was cosmetic though.
|
| Posted 2/13/09 10:01 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: tax write off .....home improvements?
Posted by -Lisa-
I know there are tax credits for new energy efficient doors & windows.
Actually I think they changed this law. The only things you can write off now are things like solar and a few others.
Turbo Tax specifically said you cannot write off windows or doors even if they are "energy star".
I am going to ask my CPA about this though, because I always thought you could write these off.
You can't write off new roof or chimney. Only on investment properties.
The reason for this is, these improvements actually add to your capital gains cost basis for when you sell. So you can't double-dip.
|
| Posted 2/13/09 10:03 AM |
| |
|
BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
|
Re: tax write off .....home improvements?
Posted by ave1024
Posted by -Lisa-
I know there are tax credits for new energy efficient doors & windows.
Actually I think they changed this law. The only things you can write off now are things like solar and a few others.
Turbo Tax specifically said you cannot write off windows or doors even if they are "energy star".
I am going to ask my CPA about this though, because I always thought you could write these off.
You can't write off new roof or chimney. Only on investment properties.
The reason for this is, these improvements actually add to your capital gains cost basis for when you sell. So you can't double-dip.
My accountant said they did change the law regarding write offs for windows and doors for this year. There are very limited energy efficient items that can be written off for 2008. Hopefully they will change it back for 2009.
|
| Posted 2/13/09 10:37 AM |
| |
|
jana
LIF Adult
Member since 3/06 1134 total posts
Name:
|
Re: tax write off .....home improvements?
We were able to write off our new tankless water heater- but that was last yr..
|
| Posted 2/13/09 1:09 PM |
| |
|
dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
|
Re: tax write off .....home improvements?
Posted by ave1024
Posted by -Lisa-
I know there are tax credits for new energy efficient doors & windows.
Actually I think they changed this law. The only things you can write off now are things like solar and a few others.
Turbo Tax specifically said you cannot write off windows or doors even if they are "energy star".
I am going to ask my CPA about this though, because I always thought you could write these off.
You can't write off new roof or chimney. Only on investment properties.
The reason for this is, these improvements actually add to your capital gains cost basis for when you sell. So you can't double-dip.
last year I was able to write off my windows all energy star as per my CPA
|
| Posted 2/13/09 3:18 PM |
| |
|
Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
|
Re: tax write off .....home improvements?
still save the receipts...if you happen to make a $500+K profit when you sell, you can deduct all the improvements from the profit to avoid capital gains.
|
| Posted 2/13/09 5:10 PM |
| |
|
mrsjpierre
LIF Infant
Member since 10/07 263 total posts
Name:
cindy
|
Re: tax write off .....home improvements?
yes you all were right!!!!!! thank you! home improvements are god if they are investment properties only!
|
| Posted 2/13/09 5:56 PM |
| |
|
ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
|
Re: tax write off .....home improvements?
Anything that is energy efficient. Definatley a new roof and new windows. The chimney or cosmetic improvements I don't think so.
|
| Posted 2/13/09 10:03 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: tax write off .....home improvements?
Posted by ckone
Anything that is energy efficient. Definatley a new roof and new windows. The chimney or cosmetic improvements I don't think so.
You better talk to a CPA because like I said above, you can't deduct these energy efficient items this year.
http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
Read the first paragraph closely:
On October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008.” This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.
|
| Posted 2/14/09 1:37 AM |
| |
|
