Today's tax question comes from B. Parekh who asks:

"I read somewhere you can deduct home repairs? If yes, under which line item is should be entered?"

Unfortunately, home repairs are not tax-deductible.

However, new for 2006 are two new energy tax credits. The Nonbusiness Energy Property Credit provides a non-refundable tax credit of up to $500 for installing energy-efficient property on your main home. Qualifying energy-efficient property includes exterior doors, skylights, insulation, and central air conditioning. The Residential Energy Efficient Property Credit provides a non-refundable tax credit of up to $2,000 for installing solar panels or fuel cell power plants in your home.

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