Discussion Archives:Home improvement costs as deductions

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Discussion Forum Index --> Basic Tax Questions --> Home improvement costs as deductions


Discussion Forum Index --> Tax Questions --> Home improvement costs as deductions

Dgleeton (talk|edits) said:

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...

Waynecpa (talk|edits) said:

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?

Dgleeton (talk|edits) said:

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.

Jctmstx (talk|edits) said:

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?

BEGooding (talk|edits) said:

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?

Jctmstx (talk|edits) said:

20 February 2008
I'm just so used to calling the forgiveness the life time exclusion. I get your point.

Dusty (talk|edits) said:

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

BEGooding (talk|edits) said:

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!!! Image:smile.jpg

Belle (talk|edits) said:

February 20, 2008
Where's Kevin with his succinct "NO"

BEGooding (talk|edits) said:

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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