Are these deductions?

19 years ago

We had four replacement windows installed in our new/old early '70s house in 2005. In 2006 we replaced the roof. Can we claim any of this?

chery2 in va

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Comments (3)

kudzu9
19 years ago
I assume you mean: "Are they tax deductions?" The answer is no.

However, save the receipts. When you sell the home, you can add these costs in when establishing the "basis" of the house and this can possibly reduce the taxable profit, depending on the sales price. I sold a house two years ago that I had owned for over 30 years. I saved the receipts for all the improvements and several major remodels done over that time; when I added up all the costs, it reduced the amount of profit that was taxable by over $200K.

In general, if you sell your house, there is currently an exemption for a married couple filing jointly of the first $500K of profit from a home sale (presuming it's been your major home for at least 2 years). The saved receipts will only help if you exceed the $500K of profit exemption.
kec01
19 years ago
The IRS has new rules for 2006 energy credits. Your new windows came too early for them to benefit. If your roof is metal and you also installed new insulation in your attic, you may quality. Check out the IRS website - link below.

Here is a link that might be useful: IRS Energy
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Definitely give your tax accountant a call. You have many more issues than this to discuss with him/her. You need to have everything set up as efficiently and properly as possible so that at the end of the tax year, you hand him/her a workable stack of information. Your tax accountant isn't just there from Feb-April--he's there all year. I give mine a call anytime I have a question that pertains to what's going to be happening to my taxes. He's happy to offer advice, many times he doesn't even charge me. AND by asking ahead of time, you often have the option of setting things up in the most favorable way for you. There are legal ways to reduce your tax liability, but you need to be getting good advice, so you don't make costly mistakes. Please call your tax accountant a call--this is what they do. And if you don't have one--with going into this investment, now's the time to get one.
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kudzu9
19 years ago
kee01-
Good point...I should have remembered that possibility.

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Are these deductions?

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kudzu9

kec01

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