Tag Archives: income

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

Home Improvement
by jps246

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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home improvement and income taxes?

Question by goosefruit: home improvement and income taxes?
I bought a home in 2005, and just sold it two years later. We made a lot of improvements on the home, to which I kept all the reciepts. Can I use them this year when I file my income tax return, as a deduction? I have been told I can, but I dont really understand how. Also moved and dont have a new accountant to ask yet. Any help would be appriciated. Thanks!

Best answer:

Answer by Judy
No, it’s not a deduction. But if you owe any capital gains tax on the sale of the home, you can reduce the capital gain by the amount of the improvements before figuring your tax. If you owned the home and lived in it as your main home for at least 24 months, then you wouldn’t pay tax on the sale if your gain was under $ 250K ($ 500K on a joint return) and it would be a surprise if you had that much gain in the last two years. If you didn’t own it for a full two years, you can probably take a prorated exclusion of gain if the move was for job reasons or medical reasons, but not if you just decided you wanted to move – if that’s the case and you’ll owe tax on the gain, then you could add the cost of the improvements to your basis before figuring your gain on the sale.

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Is there a federal grant for home improvement for lower-medium income families?

Question by redd_rocket: Is there a federal grant for home improvement for lower-medium income families?
I am looking to make some needed home improvements, such as new siding and insulation, new windows, new garage doors, and so on but cannot afford it on my own. I work 40+ hours a week but my line of work does not pay the best. I would be grateful for any useful information. Thank you.

Best answer:

Answer by oleemitch
Check with your local government offices under the Community Development Program or contact HUD Housing and Urban Development office (Federal Government)

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