Home renovations can be costly, but there are home improvements that are eligible for tax deductions. Some home upgrades give you the benefit of having your taxes deducted for a certain amount. In this article, Stapleton Roofing, a trusted roofing company, discusses what criteria should your home improvements meet in order to be tax deductible.
1. Energy-Efficient Upgrades
Home renovations related to improving your home’s energy efficiency often allow you to take advantage of tax deductions or credits. Eligible upgrades include new doors, windows, roofing, insulation and more. There are some energy-efficient upgrades that do not count for tax deductions like solar water heaters for heating a pool. Just check with your local general, HVAC or roofing contractor to determine if your home improvements qualify for an energy tax credit. Furthermore, tax deduction and acceptable upgrade amounts change every year. It’s better to consult a tax advisor before proceeding with your home remodeling plans to determine all your available options.
2. Medical Reasons
Medical conditions can eat up a huge amount of your financial resources, especially if the doctor recommends doing modifications at your home to accommodate your condition or recuperation. Thankfully, you can apply for a tax deduction when home improvements are needed for medical reasons. Some examples of tax deductible home improvements for medical care are installing support bars in a bathroom and building entrance and exit ramps as well as adding lifts to get from one floor to another.
3. Resale Value
We all know that doing renovation works increases the overall value of our home. When the time comes when you decide to sell your home, these improvements can become eligible for tax deductions. Don’t forget to write down what kind of home renovations were made, where the money was spent and the cost of labor as these details will be checked to see if the work is indeed tax deductible. Home improvements for selling, such as finishing a basement or installing a new furnace, can be considered eligible for tax credit.
If your home renovation involves roofing, Stapleton Roofing is the company to call. We bring more than 30 years of industry experience. Whether you need help with roof replacement, reroofing or recoating, our roofers have you covered.
We apply superior techniques and use only the best materials to ensure your roof will last longer. Call us at (602) 833-7663 today to request a free estimate. Our service area includes Phoenix and other areas in Arizona.