Improving your home is a great way to help make it look better. Very few people are able to purchase a home and not have to fix anything on it. Brand new homes are expensive and most have to choose an older home that needs some updating. These renovations can get expensive and unless you put them into the cost of the home, you may find that it is going to take some time to get them even started.
What some tax payers do not know is there are some home renovations and improvements that can be deducted from your tax return each year. These are very specific and you are not going to be able to deduct just anything, but if you know how to work this, you could get a few of the most important ones paid off. For example, if you have to make some renovations because a member of the family has become handicapped, this could be deducted at the end of the year.
If you are unsure about which home improvements could qualify you for a deduction at the end of the year or you would like to see what other deductions are available, make sure to contact the professionals at HCS to help you out. We have the experience to take over the tax return and ensure that you are getting the most out of it each and every time.
Mold Removal
This one has more to do with the siding of your home, and having to replace it, than the mold. If there is someone in your home who has gotten really sick because there is mold in your home and the issue has gotten bad enough that the side is replaced to help make it better, it is possible to deduct this on your tax return at the end of the year. Be careful with this deduction though, just because you replaced your siding does not mean you are automatically going to qualify for this kind of deduction. You need to figure out how bad the situation is and have proof that someone actually got sick from the mold that was hiding in the house.
For this kind of deduction, it is good to have a lot of supporting documents. For example, a note from your doctor stating that one or more of the members of the house got sick from the presence of mold can be a big help. You may want to have an inspector come out and discuss the mold problem, search for the mold, and give a detailed analysis of what the issue is, whether or not it could cause the health issues that are present in the family, and what the best course of action may be.
If you would like to claim this kind of deduction on your tax return, it is a good idea to contact the professionals at HCS to help you out. They can take a look at your home renovation and determine if it is able to get the deductions you are looking for.
Renovations to the House
There are a few renovations to your home that you can do and get the tax deduction. Remember that these are really specific and you will not be able to add on anything you would like to the home and then consider this a deduction. Usually the renovations have to be something that help someone who lives in the home with a medical need before you can count them at a deduction.
For example, if you add a ramp onto your deck or your front porch because one of your family members, someone who actually lives full time in the home not someone who just comes to visit on occasion, is in a wheelchair and can’t go up the stairs, you could deduct this expense. Sometimes getting a new bathtub to help someone with arthritis or other pain in their joints can be deducted when it comes time for tax season.
Figuring out which expenses can be deducted during tax season and which you will have to pay for out of pocket is a challenge. In most cases, you are not going to be able to deduct your home renovation costs unless you are using a grant or some other tool from the state. But with some exceptions it is possible to save some money on the renovations that you need in order to keep living within your home. Make sure to contact the professionals at HCS to help you figure out which home renovations are deductible and if the renovation is the smart move for you to make on your home.
It is important to be careful about which renovations to your home you can deduct on a tax return. You cannot deduct that nice new deck you added on or that paint job that you have been wanting for a long time now. But if you have a legitimate health concern that can be rectified with the house renovation, it is possible to use this as a deduction on your tax return. If you feel that you have a renovation that can be deducted on your home, make sure to contact Kelvin Jenkins at HCS, LLC in North Richland Hills, TX. We can help you understand your tax deductions better so you can get then taken care of without all the hassle. Contact us today to get started.
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