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When you finish a home improvement project, you can certainly take pride in a job well done. But in many cases, you can also feel good about saving money on taxes.
Listen to BOB VILA ON HOME IMPROVEMENT TAX DEDUCTIONS or read the text below:
While it’s true that if you use your home solely as a personal residence, you cannot deduct the cost of home improvements, you can add the value of those improvements to the amount you have invested in the property. That means that when you sell the house, any profit you make will be offset by what you’ve invested in the place, and that includes your improvements.
Also, if you use part of your home for business purposes, you can qualify for home office deductions. If the project you’ve done benefits only the office portion of your home—a bookcase, for example—you can deduct the whole cost. But if the benefits extend to your entire home, you can only write off the percentage that corresponds to your home office use.
Check with your accountant for details!
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