topic Yes in Deductions & credits

Where to enter house improvements from last year and this year?

tlt487m76 — Sat, 01 Jun 2019 06:47:00 GMT

for your personal home?

NewGuy — Sat, 01 Jun 2019 06:47:02 GMT

for your personal home?

Yes

tlt487m76 — Sat, 01 Jun 2019 06:47:05 GMT

Yes

General home improvements are not deductible, so do not n...

NewGuy — Sat, 01 Jun 2019 06:47:06 GMT

General home improvements are not deductible, so do not need to be entered on your tax return. You should keep track of them in order to increase your cost basis and avoid potential capital gains when you sell the home.

I guess I need to know what "general" home improvements w...

tlt487m76 — Sat, 01 Jun 2019 06:47:08 GMT

I guess I need to know what "general" home improvements would be? I'm assuming a $1,500 hot water tank is "general"?

There is a tax credit for residential energy efficient im...

NewGuy — Sat, 01 Jun 2019 06:47:10 GMT

There is a tax credit for residential energy efficient improvements to your property that include:
You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, small wind energy property, geothermal heat pump property, and fuel cell property.

There might be state tax credits if your water heater meets state requirements.