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jordan-carlson2
New Member

Can i deduct a new home furnace

Bought a new furnace in 2015 and i'm not sure where to enter that for tax purposes, or if I am allowed to deduct the expense?
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Accepted Solutions
DDollar
New Member

Can i deduct a new home furnace

Unless you bought it for a rental house, it is not tax deductible. But as a major component of your house, it is an improvement and can be added to your cost basis and possible reduce any taxable gain when you sell your house.  Make sure to keep a record of your purchase.

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1 Reply
DDollar
New Member

Can i deduct a new home furnace

Unless you bought it for a rental house, it is not tax deductible. But as a major component of your house, it is an improvement and can be added to your cost basis and possible reduce any taxable gain when you sell your house.  Make sure to keep a record of your purchase.

View solution in original post

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