What kind of home improvements are tax deductible?

    What home upgrades are tax deductible at tax timeSome home improvements are tax deductible.

    Some home improvements are tax deductible. Make sure that you keep track of all the home improvements, receipts and records. If you did upgrades in 2016, you may be able to use them as deductions at tax time. You may have opportunity to decrease the taxable gain by including the improvements in the cost basis of the house in the year you sell your house. Contact your accountant for specific details on what works for your situation.

    Qualified energy efficiency improvements

    Home insulation
    Exterior doors
    Exterior windows and skylights
    Certain roofing materials

    Residential energy property costs

    Electric heat pumps
    Electric heat pump water heaters
    Central air conditioning systems
    Natural gas, propane or oil water heaters
    Stoves that use biomass fuel
    Natural gas, propane or oil furnaces
    Natural gas, propane or oil hot water boilers
    Advanced circulating fans for natural gas, propane or oil furnaces

    Energy tax credits

    Solar panels
    Geothermal heat pumps
    Solar panel heated water pumps

    Sources:

    https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Home-Improvements-and-Your-Taxes/INF12010.html
    https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Which-Home-Improvements-Qualify-/INF12111.html

    *** While this information is published, House Hunters Team is not a tax professional and this information should not be considered tax advice. Please consult your tax advisor as to the accuracy of this information. ***

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