Home Improvement Tax Credits

Posted by JT Miller

March 31, 2009

by Tom Miller

If you’re a homeowner who pays income taxes in the United States you may know that there are a multitude of costs and expenses you can deduct from your taxable income to reduce your taxable income and save money each year. Sure, you can usually deduct the amount of interest you pay on your mortgage or home equity loans, but there are also a multitude of home expenses and upgrades you can also tax off your income taxes if you meet certain criteria.

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.

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. There are lots of details and criteria for some of these deductions and you may want to speak to a qualified tax expert before embarking on a home improvement.

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.

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 professionals for these savings. Even if you’re a do-it-yourself home improvement amateur, you can save lots of money by doing your own projects around your house.

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Home Improvement Tax Credits

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