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Are home repairs, i.e. replacing a furnace, tax deductable?
Our furnace went out and we had to replace it...is any of this tax deductable?
QUESTION:Are home repairs, i.e. replacing a furnace, tax deductable?
Our furnace went out and we had to replace it...is any of this tax deductable?
ANSWER: The tax you pay on the item and installation are tax deductible but only if you have enough repairs and other tax deductible items to make it all come up to about 10 percent of your home repair costs...
You have to be able to itemize your taxes and all taxable items add up to 10 percent of your bills...
Just did that in December, wish I could! Now if it was your rental property, you can deduct the cost of repairs from the income you receive, though you may have to depreciate the repair cost if it was a full replacement.
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