Homeowners are used to using the interest they pay on their mortgage or home equity loans as a tax deduction, but there are actually a lot of different home improvement projects which may also make you eligible for a tax deduction or tax credit, depending on the overall cost of the project and the circumstances surrounding it.
A lot of people have heard about some of the new energy efficiency tax deductions, but you can also deduct some or all of the cost of various home improvements for other reasons. In some cases you must work out of your home and meet clients, but in other situations you don't need to work out of your home or you can even be retired!
Lawn Care Tax Deduction - Yes, if you run a business out of your home and you meet clients then you may be able to deduct things like lawn care and landscaping costs as a business expense. You probably won't be able to deduct the entire amount, but rather, you would have to deduct part of the cost in proportion to how much your business and home share the same space.
Elevator Tax Deduction - If you need to install electric stairs, a wheelchair ramp or even an elevator in your home because someone living there recently required a wheelchair then you may be able to count the cost of that home remodeling as a tax deduction.
Tax Credit for New Windows - If you're planning to upgrade and replace your home's old windows with new energy efficient ones, now's the time to do it. There are now tax credits in place for the 30% of the cost of eligible windows, up to $1,500 for the next two years.
In most cases you'll have to itemize to take advantage of some of these deductions and some individual cases may need additional documentation outside the regular forms and figures. It's always a good idea to take copious photos and keep as much information about each home improvement you perform on your house anyway, because those items may become necessary if you ever have a problem or wish to sell your house in the future.
Not all home improvements qualify for tax deductions or tax credits, but with a little research and planning you can definitely save some money on your taxes and upgrade your home at the same time. - 31393
A lot of people have heard about some of the new energy efficiency tax deductions, but you can also deduct some or all of the cost of various home improvements for other reasons. In some cases you must work out of your home and meet clients, but in other situations you don't need to work out of your home or you can even be retired!
Lawn Care Tax Deduction - Yes, if you run a business out of your home and you meet clients then you may be able to deduct things like lawn care and landscaping costs as a business expense. You probably won't be able to deduct the entire amount, but rather, you would have to deduct part of the cost in proportion to how much your business and home share the same space.
Elevator Tax Deduction - If you need to install electric stairs, a wheelchair ramp or even an elevator in your home because someone living there recently required a wheelchair then you may be able to count the cost of that home remodeling as a tax deduction.
Tax Credit for New Windows - If you're planning to upgrade and replace your home's old windows with new energy efficient ones, now's the time to do it. There are now tax credits in place for the 30% of the cost of eligible windows, up to $1,500 for the next two years.
In most cases you'll have to itemize to take advantage of some of these deductions and some individual cases may need additional documentation outside the regular forms and figures. It's always a good idea to take copious photos and keep as much information about each home improvement you perform on your house anyway, because those items may become necessary if you ever have a problem or wish to sell your house in the future.
Not all home improvements qualify for tax deductions or tax credits, but with a little research and planning you can definitely save some money on your taxes and upgrade your home at the same time. - 31393
About the Author:
Still haven't filed your income taxes? You can often save a bundle of money with just a few minutes of reading about your possible home improvement tax deductions. You don't need to hire home improvement contractors for these savings. Even if you're a do-it-yourself home improvement amateur, you can save lots of money on projects around your house.
