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.
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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Question by Wonder Ken: Home improvement contract dispute – deduction or claim against bond?
My home improvement contractor is not performing some services that were clearly mentioned in the scope of the contract. My contract is silent about details of what to do when contractor does not perform tasks in scope except termination.
I engaged someone else to get some of these tasks completed. Can I deduct my costs from the progress payments of contractor? Or is it better to pay the contractor as per payment schedule and go after contractor’s bond?
Answer by Any Key! Push Me
If you give the contractor money my guess is you will incur many more costs associated with a legal suit. But if you are positive the items SHOULD have been done as outlined in the contract, then deduct the money. Reason is the contractor will then have the burden of proof and will need to take you to court to get his money. So if you can win then keep the money. If you think the contractor will just say oh the heck with it then good. The contractor may not want his name drug through court.
Have your case and documents all in order. Dates, timelines, copy of contract, a clear and understandable statement of what did not happen and what was supposed to happen. Keep all emotions out of it. Show your maturity and let the others look foolish. SEE A LEGAL ADVISER.
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