Tax deduction/credit for home repairs and improvements?

In general, expenses related to the upkeep and maintenance of your home are not tax deductible. However, if your improvements in 2013 included certain qualified energy- saving items such as insulation, windows, doors and roofs, you might be eligible for the Non-Business Energy Property Credit.  This credit is worth up to $500.

Also, if you have installed alternative energy equipment in your home, you might be eligible for the Residential Energy Efficient Property Credit. This credit is for 30% of the cost alternative energy equipment. There is no dollar limit on this credit!

Remember, these are tax credits and not tax deductions; a credit for $500 is equivalent to a deduction of $2,000 if your marginal tax rate is 25%.

The IRS provides a nice explanation of these credits and how to claim them here.

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Leonard Carusi