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Get your taxes done using TurboTax
Hi @cm571 , thanks for the question, and congrats on the home purchase!
Keep in mind that the purchase of a home is generally not a "taxable event", so that purchase and most of the upgrades are not going to affect this year. However, both the purchase price of the home, as well as the cost of any improvements, contribute to your "basis" in the home. This may be important if you ever sell the home, as that basis will be used to determine the amount of any gain or loss you have on the sale.
The one exception to this is the cost of the energy-efficient upgrades which, as you said, may qualify you for a credit on this year's return. However, you might want to review this article, since the fact that this is not your primary home could be a factor if you installed fuel-cell equipment. Energy Tax Credit: Which Home Improvements Qualify? You may also be able to deduct a portion of the property taxes on the home.
Hope this helps!
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