Going Solar is Tax Deductible? Read More!
Tax Deductible Home Renovations
Get More This Tax Season
Home improvements are, in fact, tax-deductible, but it depends on what kind of upgrade or repair is made to your home. Did you document all your repairs and keep a log of all the money you spent? At Fuzion Home Services, we want you to reap the most out of tax season. So, we listed common home improvements that we know are tax deductible.
Energy-Efficient Home Improvements
Solar energy is more popular and in-demand than ever before. When a homeowner adds solar energy to a new or current home, the renovation can result in a 30% deduction of the total project cost. So, take full advantage of these incentives come 2019, which won’t expire until 2021. Read all things solar home improvements and tax deductions at https://energy.gov/savings/residential-renewable-energy-tax-credit.
Resale Home Value
Home improvements doesn’t only mean personalizing your space; home improvements can give back to your community as well. That’s why permanent structural changes that enhance your house value, can be tax deductible if and when you sell your property. Always keep track of where your money was spent and on what items, for this will help you and your tax professional when deciphering whether your home repairs are tax deductible or not.
Here are some home improvement renovations that increase your home’s resale value, and can be tax deductible:
- Adding property additions.
- Installing a new bathroom.
- Finishing a new furnace
- Replacing your HVAC system
- Replacing windows, doors, or gutters
- Adding a hot tub or new deck