Installed a new fence & new roof due to severe storm in May 2024. Can I claim the cost of these repairs on my income tax return.
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Are you in a federally declared disaster area? If not, sorry, casualty losses cannot be deducted unless you are in a federally declared disaster area.
You would only be able to deduct these if they were considered to be ordinary and necessary business expenses for a business you own or as Xmasbaby0 mentions above, if you can claim a casualty loss due to a Federally Declared Disaster.
Capital improvements that add to the value to your home, prolong its life, or adapt it to new uses can be added to the cost basis of your home and subsequently subtracted from the sales price to determine the amount of your profit when you sell it.
Certain energy-saving home improvements can yield tax credits at the time you make them. Such as: Home Energy Efficient Exterior doors, windows, skylights and insulation materials. Central air conditioners, water heaters, furnaces, boilers and heat pumps. Biomass stoves and boilers. Home energy audits.
Click here for "Home Improvements and Your Taxes".
Click here for"2024–2025 Energy Tax Credit: Which Home Improvements Qualify?"
Click here for "10 Energy-Related Home Improvements You Can Make Today"
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