Examiner.com Article Reveals Information on Home Improvement Tax Deductions

2024-11-24 08:34:07 Home and Family

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Information on the home improvement expenses tax deductible is now available in an Examiner.com article posted by tax preparation specialist Frank Ellis. The types of deductions available are explained and the article first defines personal home improvement. Deductions are available only if the home is related to some sort of business, in which case a home office deduction is possible.

In the case of selling a home, tax breaks may apply, according to the author. Conditions for such deductions are revealed, such as for time spent at the home and if the filer is married. On the subject of property sale, the adjusted tax basis and taxable gains portion of the article explains how to make the appropriate calculations. The differences in the system for investment properties are defined as well.

Home repairs may classify as daily business expenses. Carpet cleaning, air duct and vent maintenance, fixing glass, and other functional repairs may fall under this category; the article provides several examples. Renovations intended to improve the home beyond its original purpose could increase the value of the property. If these impact the resale price, tax deductions may apply because the IRS may see these as capital investments. The rules vary and the article provides a more detailed look at how to determine eligibility.

Another potential tax credit is for energy home improvements. Certain homes retrofitted with solar panels, fuel cells, or geothermal or wind systems can qualify for an energy tax credit.

There are many provisions affecting whether home improvements qualify for tax credits. The author goes on to recommend tax software which interprets the user?s answers to determine if they can claim such a credit. In addition, an embedded video provides a tutorial with bulleted points outlining what makes a home improvement tax deductible. With the information provided, homeowners can decide how they can benefit and save on their taxes this season.

For more information, go to http://www.examiner.com/article/are-home-improvements-tax-deductible-2012-2013.

About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.

Contact Information
Frank Ellis
Harbor Financial Online
945 East 8th Street Suite A
Traverse City, Michigan 49686
Website: http://www.harborfinancialonline.com/

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