Home Improvement Tax Credits
By JT Miller on March 31, 2009
Homeowners are used to using the interest they pay on their mortgage or home equity loans as a tax deduction, but there are actually a lot of different home improvement projects which may also make you eligible for a tax deduction or tax credit, depending on the overall cost of the project and the circumstances surrounding it.
The improvements you make to your home can be eligible for deductions or credits depending upon the size of the project, the reason for the home upgrade and the cost and time frame that was allotted to the remodeling or home improvement.
Tax Deduction For Landscaping – In the past tax courts of ruled that if you run your own business and meet clients regularly you may be able to deduct a portion of your landscaping and lawn care bills as a business expense because it makes your business more viable.
Tax Deduction for a Swimming Pool – If you require a swimming pool or spa for a medical condition then you may be able to deduct a portion of the cost from your taxes. You’ll want to document your medical history and pool costs in detail and you may need your doctor to write a letter stating your need.
Tax Credit for New Doors – Select Energy Star entry doors that meet certain energy efficiency criteria are eligible for a tax credit of up to 30% of the cost of the door with a maximum tax credit of $1,500. If you’re going to install new doors this year, make sure they meet the minimum requirements for this tax credit.
In most cases you’ll have to itemize to take advantage of some of these deductions and some individual cases may need additional documentation outside the regular forms and figures. It’s always a good idea to take copious photos and keep as much information about each home improvement you perform on your house anyway, because those items may become necessary if you ever have a problem or wish to sell your house in the future.
Not all home improvements qualify for tax deductions or tax credits, but with a little research and planning you can definitely save some money on your taxes and upgrade your home at the same time.
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