Did you ever think you could save money with home improvement? Well, Hudson Valley Overhead Doors & Operators as a Clermont garage doors and home improvement experts will teach you how to save money whilst you take over your next home improvement project.
If you made any home improvements last year, you could be eligible for a tax break. There are certain home improvements and lines of credit that can be used for home improvements, which qualify for a deduction or tax credit. So you might want to keep this in mind when preparing your taxes this year.
Which improvements qualify for a tax break?
Medical home improvements
If your dependents or your spouse have a condition that requires special care, the improvements that you make in your home can qualify for tax deductions if they help a person in a wheelchair or someone with a disability.
The IRS outlined examples of medical expenses that include:
● Making the home wheelchair accessible with entrance and exit ramps and widened doorways
● Grading the ground for entrances
● Moving or modifying electrical outlets
● Lowering or modifying kitchen cabinets and appliances
● Installing railings and lifts
● Adding grab bars and handrails
Home Improvement Loans
A you probably know, your property taxes are –most of the time– tax-deductible. In fact, you can deduct the interest on a home improvement loan. It can be fully deductible up to $100,000, according to the IRS, and it’s also possible to deduct the interest you pay on a home equity line of credit (HELOC), in most cases.
A green home reduces energy expenses and the cost of tax credits from federal, state and local governments. Some examples are:
● Residential fuel cells: 30% of the equipment and installation costs with no cap
● Biomass stoves: About $300 credit for units with a thermal efficiency rating of 75% or more
● Non-solar water heaters: $300 credit
● Air source heat pumps: $300 credit
● Central air conditioning: $300 credit
● Solar water heaters: 30% of the equipment and installation costs with no cap on amount
● Windows, doors, and skylights: 10% of the cost up to $200 for windows and skylights; up to $500 for doors
● Geothermal heat pumps: Up to 30% of equipment and installation costs
● Small residential wind turbines: 30% credit
● Gas, propane, or oil hot water boilers: $150 credit
● Gas, propane, or oil furnaces and fans: $150 credit for furnace, $50 for main air-circulating fan
● Insulation: Up to $500 or 10% of the cost, whichever is lower
● Roofs: 10% of the cost up to $500
If you’re preparing to sell your home, some repairs qualify as capital improvements. The list include:
● Replacing the roof
● Replacing windows, gutters and doors
● Replacing the furnace or HVAC system
For more information, you can have a look at this Market Watch article, and if you want to save money and keep track of the latest home improvement trends from a Clermont garage doors expert, please call Hudson Valley Overhead Doors & Operators at (845) 876-2772.