Home Improvements, Taxes and what year do they belong in?

[klucich]

MO

This is probably not the place for this question, but I don't know where else to look. We have made some home improvements; siding, windows, gutters, etc. I am aware I need to keep these receipts for when we sell the home, but also what about taxes? Can I deduct any of these items? The 21 windows all have energy star ratings. Also to confuse me, is we wrote the contracts, made deposits on the siding and gutters, and paid for the windows completely before end of 2013. We finished paying for the siding and gutters in 2014. All the work was performed in 2014. What year does this go into then?

Thanks!

 

[TheGeekess]

MO

This is probably not the place for this question, but I don't know where else to look. We have made some home improvements; siding, windows, gutters, etc. I am aware I need to keep these receipts for when we sell the home, but also what about taxes? Can I deduct any of these items? The 21 windows all have energy star ratings. Also to confuse me, is we wrote the contracts, made deposits on the siding and gutters, and paid for the windows completely before end of 2013. We finished paying for the siding and gutters in 2014. All the work was performed in 2014. What year does this go into then?

Thanks!

This is a question for your accountant/tax preparer.

 

[LdiJ]

MO

This is probably not the place for this question, but I don't know where else to look. We have made some home improvements; siding, windows, gutters, etc. I am aware I need to keep these receipts for when we sell the home, but also what about taxes? Can I deduct any of these items? The 21 windows all have energy star ratings. Also to confuse me, is we wrote the contracts, made deposits on the siding and gutters, and paid for the windows completely before end of 2013. We finished paying for the siding and gutters in 2014. All the work was performed in 2014. What year does this go into then?

Thanks!

Federally, there is a small tax credit available (maximum 500.00) for energy efficiency improvements, like windows, but that is all. Some states also have small energy credits or deductions as well. I don't know about MO.

 

[klucich]

Federally, there is a small tax credit available (maximum 500.00) for energy efficiency improvements, like windows, but that is all. Some states also have small energy credits or deductions as well. I don't know about MO.

Thanks you guys. I will need to have to hire one this year anyway.