Are these deductions?

17 years ago

We had four replacement windows installed in our new/old early '70s house in 2005. In 2006 we replaced the roof. Can we claim any of this?

chery2 in va

Sort by:Oldest

Comments (3)

kudzu9
17 years ago
I assume you mean: "Are they tax deductions?" The answer is no.

However, save the receipts. When you sell the home, you can add these costs in when establishing the "basis" of the house and this can possibly reduce the taxable profit, depending on the sales price. I sold a house two years ago that I had owned for over 30 years. I saved the receipts for all the improvements and several major remodels done over that time; when I added up all the costs, it reduced the amount of profit that was taxable by over $200K.

In general, if you sell your house, there is currently an exemption for a married couple filing jointly of the first $500K of profit from a home sale (presuming it's been your major home for at least 2 years). The saved receipts will only help if you exceed the $500K of profit exemption.
kec01
17 years ago
The IRS has new rules for 2006 energy credits. Your new windows came too early for them to benefit. If your roof is metal and you also installed new insulation in your attic, you may quality. Check out the IRS website - link below.

Here is a link that might be useful: IRS Energy
Related Discussions
building deductions
Q
Comments (1)
The medical expenses for the psychiatric care you will need for all of the stress is deductible. But only if they exceed 7.5% of your AGI. Too bad the liquor isn't. That might actually be the 7.5% by the time you're done.
...See More
2nd home owners -- Mortgage Interest Deduction
Q
Comments (1)
I think people will buy vacation homes regardless of the MIL deduction... I think if they do away with a mortgage interest deduction, it will mostly affect the way people think about becoming homeowners for a first time, and not those looking for vacation homes.
...See More
New online deductive reasoning game
Q
Comments (15)
Using Firebug to inspect the DOM... It seems there are three(really only two) word lists containing four letter words. fourletterwords (a list of 1808 words) legalfour (a list of 3900 words) legal (a duplicate of legalfour, legalfive, etc., depending on which word length you're playing) The list called legalfour does not contain "spam", "blog", or "rape". The list called fourletterwords does. Unless I'm getting confused, and I may be, I think the word is chosen from the list called fourletterwords but you can only guess words that are in the list called legalfour. If true, that sounds like a glitch. I don't understand it well enough to understand how it works. Well enough to cheat? Maybe. Edit: If you're adventurous and don't mind creating a bookmarklet... javascript:alert(fourletterwords[rand]);
...See More
Explain Medicare Part D Deductibles
Q
Comments (20)
I am embarrassed that I didn't remember that the deductible was 'in there' as part of the annual premiums. (Maybe I'm old?) It's annoying to have to shop Part D *every year*. It's a rare year that one or both of us can stay with the same plan from year to year. Our medications change -- maybe go generic (hahaha). DH's doses change. One plan considers XYZ Med a Tier Two; another says it is Tier Three. Each plan has its 'preferred' pharmacy chain. (Most years our plans have *different* preferred pharmacies -- two trips required.) Mail order is often more, rather than less. In 2017 I discovered that one of DH's meds costs the same whether the tablet is a 2mg or a 5mg. His MD is fine with buying the 5mg and using a pill splitter to get four doses. BTW, I am giving up on finding a cheaper alternative to Advair. Symbicort is only $25 cheaper per month (retail); I don't know how I'd react to it; and I'm charged the same out-of-pocket for it as for Advair. Good thing I hadn't already spent my 'savings'.
...See More
kudzu9
17 years ago
kee01-
Good point...I should have remembered that possibility.

Related Stories

REMODELING GUIDES Architecture Pays Tribute to the Tax Man

By Bud Dietrich, AIA

Skipping taxes doesn't always mean skipping the country. These architectural features let owners avoid certain taxes without leaving home

Full Story

COLOR How to Add Bold Color without Commitment

By Becky Harris

Full Story

By Laura Gaskill

Change your thinking to get the streamlined, organized home of your dreams

Full Story

129

DECLUTTERING Downsizing Help: How to Get Rid of Your Extra Stuff

By Becky Dietrich, Interior Designer

Sell, consign, donate? We walk you through the options so you can sail through scaling down

Full Story

GREEN BUILDING How to Recycle Your Kitchen

By Christine Tusher

Instead of adding to the junk pile — and paying landfill fees — get rid of old appliances, cabinets and countertops the ecofriendly way

Full Story

107

LIFE Could You Be a Landlord?

By Laura Gaskill

Sure, the extra income would be great. But jumping blindly into owning a rental property could be disastrous. Here's what you need to know

Full Story

DESIGN PRACTICE How to Set Up Your Design Studio at Home

By Eric Reinholdt, Architect

Learn from an architect how to create a workspace that fuels your practice and feeds you inspiration

Full Story

SELLING YOUR HOUSE Fix It or Not? What to Know When Prepping Your Home for Sale

By Laura Gaskill

Find out whether a repair is worth making before you put your house on the market

Full Story

247

DECORATING GUIDES Improving a Rental: Great Ideas for the Short and Long Haul

By Laura Gaskill

Don't settle for bland or blech just because you rent. Make your home feel more like you with these improvements from minor to major

Full Story

By Jennifer Phelps: Organize. Design. Reinvent!

It can be tough to part with reminders of your past, but your closet needs space for who you are today

Full Story

120

Are these deductions?

Comments (3)

kudzu9

kec01

Related Discussions

kudzu9

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US