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Tax Deduction Consulting: Home Improvements Parkersburg WV

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.

H&R Block Inside Sears At Grand Central Mall
(304) 485-4749
500 GRAND CENTRAL AVE
VIENNA, WV

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Bennett Tax Svc
(740) 423-1040
230 Washington Blvd
Belpre, OH

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H&R Block
(740) 373-5418
474 PIKE ST
MARIETTA, OH

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Harold D. Vealey (RFC®), CLU, LUTCF
(304) 346-2154
910 Chester Road
Charleston, WV
Company
Vealey Financial Services
Qualifications
Education: BA
Years of Experience: 43
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

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Liberty Tax Service
(866) 871-1040
103 N Pike St
Grafton, WV

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Liberty Tax Service
(866) 871-1040
401 Grand Central Ave
Vienna, WV

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Liberty Tax Service
(866) 871-1040
18 Acme St
Marietta, OH

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Mr. Gregory R. Metcalf (RFC®), RFP
(307) 723-5018
200 Ivy St
Weirton, WV
Company
Horizon Financial Group
Qualifications
Education: Ohio University, BBA FinanceCollege for Financial Planning's CFP Certification Professional Education Program
Years of Experience: 15
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection

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Liberty Tax Service
(866) 871-1040
2001 Stadium Dr
Bluefield, WV

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Liberty Tax Service
(866) 871-1040
3559 Robert C Byrd Dr
Beckley, WV

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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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