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tlt487m76
New Member

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

 
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Accepted Solutions
NewGuy
New Member

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

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.

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5 Replies
NewGuy
New Member

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

for your personal home?
tlt487m76
New Member

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

Yes
NewGuy
New Member

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

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.

tlt487m76
New Member

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

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

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

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.

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