With the arrival of tax season, many homeowners are eager to get every possible deduction they can qualify for. If you’ve spent a lot of money on repairs or home improvements this year, you might be wondering if you can get a deduction. As it turns out, there are a few circumstances that can qualify.
Certain “green” energy improvements can qualify for a tax credit that offsets their installation cost. This includes solar energy systems, geothermal heat pumps, small residential wind turbines, and biomass fuel stoves.
Medical Care-Related Improvements
Individuals who are aging in place in their home may be able to claim a deduction for improvements related to their accessibility. This includes installing entrance ramps or widening hallways to better accommodate wheelchairs, installing bathroom support bars, or modifying kitchen cabinets for improved accessibility.
Home Office Upgrades
If your home office is your primary place of business, you can claim a full deduction for repairs and improvements made to your home office. Repairs and improvements made to other parts of the house are also partially deductible. This deduction is available to self-employed individuals, since home maintenance is considered necessary to keep their business running.
No matter what kind of home improvements you have in mind, Gerber Lumber can help you get them done. With a wide selection of quality materials and a knowledgeable staff who can provide expert guidance, you’ll be well on your way to a successful project — tax deduction or not.