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chelynnea
New Member

Do we get a tax credit for home improvements such as, replacing siding and finishing our basement? I'm aware of the energy efficient tax credit

 
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ThomasM
New Member

Do we get a tax credit for home improvements such as, replacing siding and finishing our basement? I'm aware of the energy efficient tax credit

No, home improvements on a personal residence are not deductible (you already know about the energy credits).

However, keep track of the cost of these improvements and you can add them to your "basis" (your total investment) in the home, which will reduce any gain when you eventually sell it.

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ThomasM
New Member

Do we get a tax credit for home improvements such as, replacing siding and finishing our basement? I'm aware of the energy efficient tax credit

No, home improvements on a personal residence are not deductible (you already know about the energy credits).

However, keep track of the cost of these improvements and you can add them to your "basis" (your total investment) in the home, which will reduce any gain when you eventually sell it.

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