Discussion:Home improvement
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Discussion Forum Index --> Basic Tax Questions --> Home improvement
Discussion Forum Index --> Tax Questions --> Home improvement
| 20 February 2008 | |
| I have a client that had home improvements in 1999. He wants to file the expenses this year on his taxes. Is this possible? What are the rules on this?
Please advise on this. Thanks, Dewayne | |
TheTinCook (talk|edits) said: | 20 February 2008 |
| Depends on what the improvements where for... | |
| 20 February 2008 | |
| Expenses, no. Improvements to reduce capital gain taxes on sale of residence - perhaps if he has receipts and it is an improvement, not a repair. | |
Death&Taxes (talk|edits) said: | 20 February 2008 |
| Didn't someone just bring this up in Urban Tax Legends? | |
| 20 February 2008 | |
| he had windows installed...for 13k in 1999 and wants them on his itemized deductions for 2007...can this be done?? | |
Scottycoyote (talk|edits) said: | 20 February 2008 |
| is this a trick question? home improvements......um......no! unless they were some how medical related then you could run then in on sch a..........but done in 1999 and take them off now? um........no! Might would qualify for the energy credit if it was done in 2007 and met the energy star minimums for your area. | |
| 20 February 2008 | |
| The only benefit I can suggest is to maintain major improvement records to increase basis in the property in case of a future sale to avoid using the lifetime exclusion. | |
Scottycoyote (talk|edits) said: | 20 February 2008 |
| lifetime exclusion? you do realise this ended like in 2002 i hope? | |
| February 20, 2008 | |
| Energy credit in '07 for a '99 expense? No can do.
What do you mean "file the expenses on his taxes in 2007?" Under what conditions do you think these expenses might possibly be a deduction in '07 or in any year for that matter? | |
| 20 February 2008 | |
| I'm just so used to calling the forgiveness the life time exclusion. I get your point. | |
| 20 February 2008 | |
| If the person was selling the house and did not meet the 2 year rule they could add the improvements onto the basis of the house...
Dusty | |
| February 20, 2008 | |
| New windows add to the basis of a home...unless you are just repairing broken glass; that's a repair. | |
Death&Taxes (talk|edits) said: | 20 February 2008 |
11 answers trying to find a way to make pigs fly!!! 
| |
| February 20, 2008 | |
| It would have been helpful if the OP was more succinct with his question and stating the relevant facts. | |
Death&Taxes (talk|edits) said: | 20 February 2008 |
| But we all took the bait, including me, BEG. | |
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