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Tax Deduction Consulting: Home Improvements Brigham City UT

While making improvements to your home, you would like to save some money at tax time. If you want to know how you can achieve this goal, keep on reading to know the details of this.

Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(435) 884-3076
124 W MAIN ST
GRANTSVILLE, UT

Data Provided by:
H&R Block
(801) 825-5502
1917 W 1800 N STE D6
CLINTON, UT

Data Provided by:
H&R Block
(435) 644-2071
40 E CENTER
KANAB, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S
St George, UT
Hours
M-F 8 am - 5 pm

Data Provided by:
Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
6223 Highland Dr
Salt Lake City, UT

Data Provided by:
H&R Block
(801) 546-3091
27 S FORT LN
LAYTON, UT

Data Provided by:
H&R Block
(801) 495-4172
9151 S QUARRY BLVD
SANDY, UT

Data Provided by:
Robert Blake Accounting and Tax
(801) 763-8295
9626 Dorchester Drive
Cedar Hills, UT
 
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Tax Deduction Consulting: Home Improvements

Tax Deductions for Home Improvements

It is possible to make improvements to your home and save some money at tax time at the same time. Tax deductions for home improvements follow some definite guidelines.

The most important thing to understand when considering tax deductions for home improvements is the difference between an improvement and a repair. Basically, an improvement adds to the value of the home. This can be adding a swimming pool, enlarging or adding rooms, or even fencing the backyard. A repair does not add to the value of the home, it simply prevents the value from dropping. A repair to a damaged roof or the replacement of leaking plumbing fixtures is a repair.

When the improvements are also used to conserve energy, there may be additional credits offered by the IRS. These conservation based credits vary from year to year, but the trend has been to increase them as the need to conserve energy becomes more of a National priority. It is always wise to look into the tax credits offered for environmentally friendly items, such as solar water heaters, when planning an improvement. Even some repairs can be converted to tax deductions if the repair qualifies for an energy credit.

A home improvement for medical purposes is a separate area that could have tax impact. If you add a pool, or make a home more handicapped friendly, the cost of the improvement could be considered as a medical deduction. In order to do this, you must have a written statement from a doctor that the improvement was recommended for medical purposes. You also need to realize that the medical deduction will only be valid for the amount that exceeds the increased value of the home as a result of the improvement. It should be remembered that medical expenses must exceed 7.5% of adjusted gross income in order to be claimed as a deduction.

Another way that home improvements might be helpful as tax deductions is to borrow the money for the improvement. This allows the interest on ...

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