Submitted By: someone
Answered: April 21, 2017 8:56 am

In 2016 I installed a screen enclosure and three new sliding doors in my home. Is the cost tax deductible?

If the replacement doors constitute an energy-saving improvement, you may qualify for a tax credit (not a deduction) of up to $500. This dollar limit is lifetime, so if you’ve already used up the full credit, you can’t take it again even though the improvements would otherwise qualify for it. Be sure to add the cost of these capital improvements (minus any tax credit) to the basis of your home. It will help to minimize gain when you eventually sell it. Note that this tax credit expired at the end of 2016 and it is not clear if Congress will revive it for 2017.

advertisement
Tax Glossary

Accelerated depreciation

Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.

More terms