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    • Hi Tim,
      It is only deductible if it is your rental property. If it is your main residence then keep track of your costs. When you sell your home you add the cost of your remodel to your purchase price which will reduce any gain you have.
      Thank you,
      Lisa Greene-Lewis

  1. Hi All,
    All of you with new Roofs, Foundation work etc, any deductions that could have been available in the past for better insulation work are gone. But Please keep track of the expenses directly related to the repair replacement of the home. They increase your costs, (even items done multiple times, 2 or 3 roofs, etc.) when you sell your home.
    If the home is a rental or used for a business, (is the location where business/ customers would transact business then it is deductible on the appropriate forms. TurboTax, Premium is an excellent software to use for this type of return.
    Former tax Consultant.

  2. We are planning on buying a home closer to our workplace and with more land and vehicle storage. The current home will then be sold, likely at a loss for us. The distance is not more than 50 miles, so I know we can’t deduct the moving expenses. However, what about the loss we expect to take to sell our current home?

    • vbw2014,

      The loss from selling your residence is not deductible. It is considered a personal expense.

      Mary Ellen

  3. We are adding a room on to our existing house to install a wood stove. Is any of the new construction or the wood stove deductible?

    • Diane,

      You may qualify to deduct the sales tax on the materials for building the new room. And all the expense (that you don’t deduct elsewhere) will increase the basis in your house, decreasing the potential gain when you sell your home.

      Mary Ellen

  4. Why donate when the deduction rate is so high. I have income of 25000 interest on house of 8000 medical of 1500 and with donations of over 1000 and still do not meet the requirements

  5. We have added radiant heat barrier, and extra blown in insulation and attic vents this year, is that tax deductible?

    • Hi Ashlie,
      The credit for insulation expired December 21, 2013. Solar energy systems, geothermal heat pumps, and wind turbines qualify for the energy credit.
      Thank you,
      Lisa Greene-Lewis

    • I just got blow in insulation and my utility company subsidized 75% of the cost. You can check there.

  6. I just saw your video. Are you sure that home mortgage insurance is tax deductible? Please explain

    • It does sound like insurance!! I thought that is what she said until I read the comment and listened again.

    • Stella PMI is deductible, it is a separate line item on Schedule A in Interest section I believe. Tax Software should ask you the amount. ONLY PMI not homeowners.
      Former Tax Consultant

  7. Would I be able to claim putting in a French drain and cementing the back yard,due to water flooding problem?

  8. This summer I will be spending about $23000.00 on foundation work om my house. Will I be able to deduct any of the money on my tax form.

  9. I have installed a New 95% Trane furness and New Central Air is there any tax credits for doing this

    • Hi Jimmy,
      Unfortunately the tax credit for heating and air conditioning expired December 31, 2013. You can still receive a tax credit for solar energy systems, geothermal heat pumps and wind turbines.
      Thank you,
      Lisa Greene-Lewis

    • Hi Monet,
      Unfortunately, you would only be able to take that deduction if the renovations were done on a rental property. If they are done on your main home the costs of renovation would be added to the cost of your home when you purchased which will lower your gain when you sell your main home.
      Thank you,
      Lisa Greene-Lewis

    • Susie,
      Moving expenses can be deductible. The first test is if you moved due to a job change. If no, then you cannot take a deduction for moving expenses. If yes, then you calculate the miles from your old residence to your old job and your old residence to your new job. If the difference between the two is 50 miles or greater, you can deduct moving expenses. You can deduct packing supplies, transporting household goods and personal items, utility deposits or disconnect fees, shipping cars and or pets, storage, lodging during the move (not meals), transportation expense if not by car, car mileage at $0.24 per mile. You would need to deduct any reimbursement from your current employer for those expenses.

      There are other requirements for deducting moving expenses. All the details can be found in IRS publication 521 (http://www.irs.gov/pub/irs-pdf/p521.pdf), and TurboTax will have all the right questions and details for you when you prepare your tax return.
      Thank you,

      Mary Elen

      • Our landlord charged us a fee for breaking our lease early, with his permission.
        It was no where in the contract that he would do this….but can we deduct that $1200??

        We moved out of state for a new job.

      • Hi Heather,
        Unfortunately the IRS does not recognize the cost of breaking a lease as deductible.
        Thank you,
        Lisa Greene-Lewis

  10. I installed 3 two Ton Geothermal Split Heat Pumps 2 stage Compressors with variable speed blowers. Total installed price is $41,869. They qualify for a 30 % Tax Credit. My question is since I was paying my taxes Qtrly to the Gov. do I need to pay Qtrly if I have enough credits to cover my yearly taxes.

  11. Hi Cathy,
    If you get a home equity loan secured by your first (main) home loan then you would be able to deduct the interest paid on the loan used to build your second home. Don’t forget you would also be able to deduct property taxes on your second home.
    Thank you,
    Lisa Greene-Lewis

  12. How about raising funds with a HELOC first mortgage on your first home to build a second home ? Will the interest be completely tax deductible ??

      • Hi Marixsa,
        Two new insulated screen doors would only be a deduction if this was for a rental property and not your main home. If the expense is for your main home keep your receipts. If you sell your main home add the cost to your purchase price reducing gain on the sell of your home.
        Thank you,
        Lisa Greene-Lewis

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