Tax Question - Insulation

[pnutmnm]

We are in the process of finishing our basement. We insulated the walls and the ceiling. Does this count for an improvement that we could count on our taxes? We need every bit of help that we can get.

Thanks!

 

[tzolkin]

Yes, the insulation counts.

You just need to put the amount on the tax form (don't need to send any info in), but you will need to keep (for your own records) your reciepts and print out a statement from the manufacturer's website stating that the insulation qualifies for the credit.

 

[pyrxtc]

you can count home improvements on your taxes ? Where ? Turbo tax didn't ask me anything about that....

 

[Swimalie]

you can count home improvements on your taxes ? Where ? Turbo tax didn't ask me anything about that....

Turbo tax asked us. It was under one of the deductible parts. We put in an attic fan to lower the amount our AC came on in the summer. Sadly, it doesn't qualify as a deductible. Oh well. It still helped lower our electric bill quite a bit so that makes it worth it.

 

[tzolkin]

you can count home improvements on your taxes ? Where ? Turbo tax didn't ask me anything about that....

It's a new energy efficient credit this year, not just general home improvements.


It also includes windows and doors, however they changed the requirements so almost none are eligible. (The SHGC and U-factor need to be 0.3 or less) Through May it was all energy star windows... of course we replaced our windows in June and they are 0.31 and 0.32.