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yesterday
Yes, adding solar panels, a pool, and a patio are considered to be capital improvements (permanent improvements) because they increase the value of your home and prolong it's life. These costs are a...
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Yes, adding solar panels, a pool, and a patio are considered to be capital improvements (permanent improvements) because they increase the value of your home and prolong it's life. These costs are added to your home's cost basis, which reduces any potential capital gains taxes when you sell your house.
The formula is: Original Purchase Price + Cost of Improvements = Adjusted Basis.
When you make a home improvement, you can't deduct the cost in the year you pay for the improvements, but, if you keep track of those expenses, they can help you reduce your taxes in the year that you sell your house.
For tax purposes, you would treat these expenses as increases to your cost basis of your home. You would add together the total cost of the solar panels, pool, and patio (materials + labor).
Keep all receipts, invoices, and records of payment for your tax records when you sell your house.
See Also:
Home Improvements and Your Taxes
Please return to Community if you have any additional information or questions and we would be happy to help.
yesterday
In 2025, I overcontributed $714 to my Roth IRA. I've recharacterized this overcontribution to a traditional IRA and am not completely sure how to report this correctly in Turbotax. I have two quest...
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In 2025, I overcontributed $714 to my Roth IRA. I've recharacterized this overcontribution to a traditional IRA and am not completely sure how to report this correctly in Turbotax. I have two questions: - Where it says to "Enter your regular Roth IRA contributions", am I supposed to I enter my total 2025 contributions including the overage ($8714), or do I enter the maximum total amount I should've contributed ($8000)? - Where it asks, "How much of your contribution to this Roth IRA did you switch, or "recharacterize", to your traditional IRA?", I'm assuming that I'm supposed to report the overcontribution ($714) and then explain the recharacterization reason. Is this correct? Thanks in advance for any help you can provide!
yesterday
I have found similar questions but not exact to my situation. In 2024 I made a 4th qtr state (SC) tax payment of $7000. I entered it in 2024 TT as a 4th quarter payment made on 1/15/2025. This rol...
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I have found similar questions but not exact to my situation. In 2024 I made a 4th qtr state (SC) tax payment of $7000. I entered it in 2024 TT as a 4th quarter payment made on 1/15/2025. This rolled up with my state withholdings to give a total taxes paid in for 2024 of $35,209 including the 4th qtr estimated payment. Due to an employer error I ended up with a large refund of $7902 paid in 2025. On the State and Local Income Tax Refund Worksheet Sch 1 Line 1 2025, in Part 1, line 1 it shows (b) the correct 2024 refund amount of $7902, it shows the correct Estimated Tax Paid after 12/31/2024 (c) of $7000, it shows Total Payments and Witholdings (e) of $35,209 which is correct and finally, it shows Refund Allocated to Column (C) in column (f) of $1571. I can't tie the $1571 number back to anything so I don't know how it is calculated. More importantly, the $1571 appears on line 3 as a portion of the refund allocated to tax paid after 12/31/2024 which flows to Sch A line 5a. It seems like I am double dipping on the credit. I don't understand why the Line 1 (c) " Estimated tax paid after 12/31/2024" is impacting 2025? Is there a credit due on $902 ($7902 refund - $7000 est. tax pmt) of real taxes paid in 2025 that were not itemized in 2024?
yesterday
what if i haven't received a SSA-1099 form? Looks like I need it to move forward. I have a cost of living adjustment notice
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yesterday
rejected code ind 181-01 how do i fix it
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yesterday
what if i haven't received a SSA-1099 form? Looks like I need it to move forward. I have a cost of living adjustment notice
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yesterday
The reason TurboTax checks Form 8949 by default is because most taxpayers that are required to mail Form 8453 are doing so due to summary sales reporting and need to mail Form 8949 with Form 8453 (co...
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The reason TurboTax checks Form 8949 by default is because most taxpayers that are required to mail Form 8453 are doing so due to summary sales reporting and need to mail Form 8949 with Form 8453 (cover page) with their transaction detail.
You're right; in your situation you wouldn't need to mail in either Form 8453 or Form 8949 with no summary reporting. This is the first I've heard of this issue, but I will report it.
@Nitabai
yesterday
Is your federal refund big enough to cover the federal and state fees plus the EXTRA $40 Refund Processing Service charge (45 in California)? https://ttlc.intuit.com/community/charges-and-fees/help/...
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Is your federal refund big enough to cover the federal and state fees plus the EXTRA $40 Refund Processing Service charge (45 in California)? https://ttlc.intuit.com/community/charges-and-fees/help/why-can-t-i-deduct-my-turbotax-fees-from-my-refund/00/25621 How to review your fees https://ttlc.intuit.com/community/charges-and-fees/help/how-do-i-review-my-fees-in-turbotax-online/00/26353
yesterday
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yesterday
@ahmadka2 you are not alone. I had the exact same behavior this evening. When on the "Great job getting through your federal taxes" page and AI summary on the right, I owed $1560 in federal taxes...
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@ahmadka2 you are not alone. I had the exact same behavior this evening. When on the "Great job getting through your federal taxes" page and AI summary on the right, I owed $1560 in federal taxes. When I clicked through the 'federal review' screen, taxes owed went up to $2,626. I had already inputted my income and deductions fully. I cannot explain it and now I'm frustrated because I don't know if it's right. To add, this is my second time through. I completely wiped and restarted. Now I wish I would have just clicked the 'Review' section and skip the State taxes section as I'm in Texas.
yesterday
How do I add the excess to Schedule 3, Part II, Line 11 when TurboTax won't let me use that form?
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yesterday
TT is showing $10,314 tax on $89,902 line 15 Taxable Income. The Federal tax tables show $120 lower tax amount of $10,194 for a married couple. How do I get TT to pull in the correct tax amount?
yesterday
Yes, TurboTax Community has credentialed tax experts that answer questions on Community. As well as technical staff, community volunteers, and other knowledgeable customers.
yesterday
I waited for 3 hours for her call :(
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yesterday
Payers TIN is right underneath the address on Form 1099-R.. Where do I enter a 1099-R?
yesterday
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yesterday
Super helpful, thanks. You mentioned Georgia having a state statute that deals with the Kiddie Tax. I am filing this return in Georgia. Are there any additional details that you can provide on th...
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Super helpful, thanks. You mentioned Georgia having a state statute that deals with the Kiddie Tax. I am filing this return in Georgia. Are there any additional details that you can provide on this?
yesterday
Yes, an inground pool is considered a permanent fixture and a capital improvement for tax purposes. You can add the installation cost to your home's cost basis, which will reduce any capital gains t...
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Yes, an inground pool is considered a permanent fixture and a capital improvement for tax purposes. You can add the installation cost to your home's cost basis, which will reduce any capital gains tax when you sell it. It doesn't provide tax deduction, but it increases your home's value for tax calculation purposes.
Please return to Community if you have any additional information or questions and we would be happy to help.
yesterday
I've added a patio, pool and solar panels to my home that I sold. How is this recorded in my taxes? The page gives me $ permanent improvements and Cost of home additions (materials and labor). How ...
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I've added a patio, pool and solar panels to my home that I sold. How is this recorded in my taxes? The page gives me $ permanent improvements and Cost of home additions (materials and labor). How do I record this?
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yesterday
I have the same issue. I spend almost 3 hours with turbotax support. Nothing they can do. They even tried to "explain" to me that offer is not valid, but I received about 15 emails with this offer,...
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I have the same issue. I spend almost 3 hours with turbotax support. Nothing they can do. They even tried to "explain" to me that offer is not valid, but I received about 15 emails with this offer, and the text says "valid until April 15" If I knew this will be a huge problem I'd install desktop version, like I used to do for many years... I don't understand why Intuit sent these emails if they evet their support has no idea what it is and can't help? So, if there is any solution, I'll appreciate to hear about it. Thanks