Some things others are forgeting is a tax credit for items purchased in 09-10. That you will need a receipt for. Check out the IRS.gov website for the energy star info and credits. You can get back 30 percent up to 1500. for such things as energy roofs, heating and air, hot water heaters, and new energy efficient windows. If you have done any of that you will need your reciepts to show proof for the tax credits.

They are not deductible, Home improvements, NOT repairs, add to your basis for the house and can save you taxes when you sell, if you owe any. So keep receipts for any improvements like if you remodel a kitchen or add a room. For repairs, no point in keeping the receipts.

Home repairs are not deductible unless they are done as the result of a disaster (hurricane, tornado), and then only over 10% of AGI.

You should keep records of major repairs so that when you sell your house you can add them to your basis and reduce your taxable gain. However, singles have a $250,000 exemption and married couples $500,000 exemption of “taxable gain” that is not taxed, so for most people, there’s no point in keeping records. Unless they change the law…..which you wouldn’t know about till too late.

I keep a notebook where I put invoices for large purchases (new heater, new windows, new appliances). This is really for INSURANCE purposes, not for tax purposes. Also, if we need to replace something, we know how old an appliance is, by checking the notebook to see when we bought it. Can also be useful if something goes wrong, whether or not it’s still under warranty.

Hope this helps.

Not deductible.

You can throw the receipts for the repairs away. My answer would be different if this was rental property.

You keep the receipts for the home improvements as they add to your cost basis. cost basis comes into play when you sell or have an insurance claim.

Go see your local SBDC – Small business development center – PA has many good locations -

They offer free counseling on the business side of your work.

1st u need to know how to do fine ‘home improvements’ and the areas of ur specialization.
2nd contact ur state gov and find out the legal requirements . u may need bonding, license, permits.
3rd visit library for how to operate a biz.
as for ‘grants’ ‘funding’ visit the store in ur mirror that is how all if not most businesses did and do . it is called cash flow.

OK, as a retired builder, I may be able to help you out with this somewhat. First of all, you need to call the building dept and get an inspector over there right away. You will need your canceled checks to show him that you have paid and too whom. Also, hopefully you have a contract in writing with the contractors lic. number and address on it. Next , I would go to the State Contractors Board and/or Licensing board, and file a complaint there. They can put a lein on his bond which is like an insurance co. for contractors. Then i would call my lawyer and show him where you are at that point. Keep all findings in writing to also show the lawyer and contractors board. Take pictures of everything, no matter how small and put them on disc for back up and print out everything. Wall mart does this fairly cheap for you. Then after all of that, the contractor should be getting notified from everybody about his opps. Don’t let him give you a ration of s..t about not knowing his salesman didn’t tell him or get the permits. It is the contractors responsibility to do so. A salesman , sells, and a contractor builds. You don’t need a permit to sell , only to build. Good Luck Rock

Your first stop is to a lawyer. He/she will guide you through all the ways you can get your work re done properly. While your lawyer is going over all your paperwork from the contractor, you can report your ordeal to the Better Business Bureau. But you definitely need a lawyer to do your talking for you.

is there any home equity in this house? if so get a loan off of it with a low apr and then you can fix it up and if you want to sell it there you go.

Threaten to file a lawsuit unless they redo everything to spec, then follow through if they don’t do it.