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It's Tax Day! Tax-Deductible Home Improvements

April 15, 2024

Tax-Deductible Home Improvements

Nearly a quarter of homeowners say they’re planning major renovations this year, and some of those projects may be eligible for a tax deduction. This could help alleviate some of the high costs of homeownership.  The Internal Revenue Service (IRS) has announced seven types of tax deductions for home improvements. These include deductions for energy-efficient upgrades, medical home improvements, home office expenses, rental property repairs, improvements added to a home sale, casualty losses from theft or disaster, and mortgage interest tied to home improvement loans. These deductions aim to ease the financial burden of homeowners and incentivize property enhancement. Remember, it’s essential to keep detailed records of your home improvement expenses to claim these benefits. Consult with a tax professional to understand how these deductions apply to your specific situation.”  (source Realtor Magazine)

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