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Are Home Improvements and Home Repairs Tax Deductable?
Home repairs are not deductible, although home improvements can be. It is important to know the difference. You should discuss this with a tax attorney. If your home is used as your personal residence, you will have no tax benefits from home repairs. Home improvements are treated differently and they can provide tax benefits.
It is important to understand the difference between home repairs and home improvements. A home repair is an activity that keeps your home in good condition. Some repair examples may include roofing repair leaks, painting your home, fixing gutters or floors, repairing plumbing leaks, and replacing broken windows.
A home improvement can increase the appraised value of your property. Some examples of improvements may include the installation of a new roof, adding a deck, installing a new a/c and heating system, or building a new room addition.
You can deduct all or part of the cost of home repairs for your residence if you qualify your home office deduction or rent out part of the home. To qualify for the home office deduction you must have a legitimate business and use part of your home exclusively and regularly for the business. If you qualify, you can deduct 100% of the cost of repairs you make just to your home office. For example, if you use a bedroom as a home office and pay to replace broken window, you may deduct the entire cost.
Repairs that benefit your entire home are deductible according to the percentage of home office use. If you use 20% of your home as an office, you may deduct 20% of the cost to repair your HVAC a/c and heating system.
Another way to deduct home repair costs is to rent out a portion of your home. This enables you to deduct all or part of the expense as a rental expense. This amount is deducted from the rental income you receive. As with the home office deduction, improvements that repair only the portion of the home being rented can be deducted in full. Repairs that benefit the entire home can be deducted according to the percentage of rental use of the home.
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