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Tax Deductions for Home Improvements Biddeford ME

Typically there are no deductions allowed for homeowners that improve their house. However, you can still get some benefit from improving your home later on. By increasing the value of your home you will acquire more equity.

Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Michael J. DellOlio & Associates, L.L.C.
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

Data Provided by:
Jackson Hewitt
(207) 899-1540
34 Atlantic Pl
Portland, ME
H & R Block
(207) 773-0221
252 Saint John St
Portland, ME
Brown Barry J
(207) 879-7000
22 Free St Ste 301
Portland, ME
Hutnak Stephen A LLC
(207) 772-1600
100 Middle St Ste 401
Portland, ME
H & R Block
(207) 775-1972
400 Maine Mall Rd
Portland, ME
Johnson Virginia M
(207) 772-2322
686 Brighton Ave
Portland, ME
David Thomas & Assoc
(207) 871-0123
477 Congress St Ste 1005
Portland, ME
H&R Block
(207) 541-1981

Data Provided by:
Liberty Tax Service
(207) 828-4829
694 Forest Ave
Portland, ME
Data Provided by:

Tax Deductions for Home Improvements

Tax Deductions For Home Improvements?
Tue 01/15/08 10:38:33 pm
by Leroy Calstard

Who can properly answer home improvement tax deduction questions? This is a question that many find themselves asking. Homeowners and tax experts argue and discuss home improvement deductions on a regular basis. Due to the oscillating laws regarding these types of deductions, very few people are really clear on what they can and can not claim. Improvements on your home should never be done simply because you want to get a tax deduction. Making your home a better place can add value and comfort to your home and those should be the reasons why you complete them. Improve your house because you want to make a change, not because you are looking to claim exemptions on your taxes.

Typically there are no deductions allowed for homeowners that improve their house. However, you can still get some benefit from improving your home later on. By increasing the value of your home you will acquire more equity. The more equity you have, the more money you will make. So the lack of tax deductions is not a reason not to perform home improvements. In the long run there will be financial benefits of some kind.

As with most tax deduction scenarios, there are ways that tax deductions can be taken for home improvements. An example of this is, if a member of your household is disabled and there must be repairs made to create more accessibility for them, these type of improvements can be deducted. This type of situation is a medical concern which is why it can be deducted from taxes. When performing home improvements more than seven percent of income must be spent for you to be able to take these deductions. It is important, however to remember that home improvements that are unrelated to medical issues may not be tax deductible.

Home improvements that are made for business purposes are also sometimes tax deductible. If you need to put in a new bathroom or build on wing for an office, you might be able to take a tax deduction for these improvements. This is covered underneath the tax rules that allow deductions for home business expenses. Whenever you have a home based business there is room for deductions. Remodeling is included in these deductions. However, once again, these types of deductions should not be taken for granted. Find out if the repairs you made qualify.

Taking tax deductions for any type of home improvement can be tricky. The best way to safeguard yourself is to consult a tax professional. Reading the guidelines can be confusing for most. Seeking out a professional is recommended. This is the...

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