Which version of Turbotax do I use to obtain the tax benefits for major home improvement projects? I am currently using the Deluxe version and don't see where to add it

Forum|Forum|3 years ago
January 23, 2023
3 replies
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TurboTax Deluxe Online

Opus 17

Level 15

The only tax benefits of most home improvements is when you sell the home. Improvements add to your cost basis and may reduce your taxable capital gains when you sell. The IRS does not track your improvements. Keep your own reliable records for as long as you own the home plus 3 years after you sell.

Certain energy saving improvements may qualify for a tax credit. There are two different credits; one covers energy generation (solar, geothermal, wind) and the other covers improved energy efficiency (doors, windows, insulation, certain HVAC appliances). This credit should be in the Deluxe program in the "your home" section on the Deductions and Credits page.

sherbear4Author

Level 2

Thank you!!!

xmasbaby0

Level 15

There are no deductions or credits for home repairs or improvements to your own home--except for some specific energy credits. Otherwise, save your records for a kitchen remodel, bathroom job, etc. for someday when you sell the house.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**