Home Maintenance

So you want to do some improvements on your home and want to know if a home improvement tax deduction is applicable? Before proceeding to this tax deduction you should first check whether you are truly qualified for this deduction. You should assess whether the improvements you want to make are really improvements to the quality of your home rather than just repair. If the latter is the case it would only be a waste of time to apply for a tax deduction, as you would certainly be rejected by the Internal Revenue Service agent. If not, look at this list of home improvement tax deductibles:

*If the improvements help your home save power/electricity.

*New ceilings, walls, lighting, and other visible improvements that can be credited as efficient and productive.

*It’s also good not to throw out those spare materials you might consider rubbish because they might become a source of profit to you! Try donating them and write this in your tax deduction form.

*If you’re also the first family to buy the house you might earn a tax deductible and receive profit in exchange.

*Have you taken out a loan? Check to see if there’s interest on the loan for your primary residence.

*Home improvements for medical purposes or for disabled persons in your family entitle you to a tax deduction to alleviate a portion of the expenses. Other medical related improvements in your home to alleviate ailments or injuries are also considered such as special medical equipment to accommodate a disabled family member.

*Vacation homes and residential homes that can be considered as your recreational place can also entitle you to a tax deduction like real estate taxes, personal property taxes, mortgage interest, points, and other tax that you can benefit from pertaining to the vacation home you own.

*If you have a professional office inside your house, a deduction to costs regarding the improvements and maintenance of that portion of your house may be applied for including expenses regarding the utilities and garbage pickup in your house.

Total your home improvement costs if you’re about to sell your house. Add that number to the original basis of your home and use the new basis to figure your capital gain. Remember to keep your tax deduction receipt for future auditing reference and you might not believe how much tax can be deducted from previous home improvements you’ve made!

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