The #1 Reason It Is Difficult to Find Your Dream HomeThe headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation
Davenport Home Improvements Tax Deductible Or Not
Do you know if Home Improvements are Tax-Deductible?
One of my clients had approached me to ask if I would represent them in the sale of their home. However, before doing so, they told me that they needed to add a new roof. That's great I said because, when marketing the home highlighting that a new roof had been added would be an attractive selling point to potential buyers.
My client had asked me if I knew if adding a new roof would be tax-deductible. I told him that I had recently shared an article on my social media about this topic. The article was titled "Are Home Improvements Tax Deductible?" by Rismedia.com.
In the article it described for tax purposes, the definition of a home improvement and what type of work to your home would be considered a home improvement. The article said that there are specific circumstances when a home improvement maybe tax deductible. Whether or not a home improvement is tax-deductible, however very much depends upon how you use your home. For example, if your home is solely used as your primary residence or if you run a business from your home or if you rent out part of your home.
I am by no means a tax expert, so I shared this article "Are Home Improvements Tax Deductible?" with my client and advised him to seek additional advice from a Certified Public Accountant (CPA). If you're unsure about whether your home improvements are tax deductible, hopefully the article will shed some light on the matter.
If you need assistance with your real estate transaction now or in the future, please do not hesitate to contact me. You can call me anytime on 954-790-7706 or email me at firstname.lastname@example.org
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