Your home not only protects you from the elements but it can also provide some unexpected tax credits in many cases. There is still time to do a few things which can lower the amount you pay for federal taxes this year. The tail end of the year brings often cold weather but it can also be a good time for some last-minute home improvements.
Below are a few great ways to use your house to reduce your taxes:
You will almost definitely need to work with your doctor to be sure health home improvements are eligible for tax deductions before you start any project. Health related home improvements: Your house should be a place where you can remain healthy. If a family member in your home needs a wheelchair then you may be able to modify your house and the expenses may be fully deductible.
Increasing your home's energy savings: Making your home more energy efficient can save you some serious green! The federal government is pushing energy saving house upgrades with a variety of different tax incentives. Upgrading to energy efficient doors, windows or water heaters may all qualify for special tax credits.
Home loan interest paid: For many homeowners the annual interest that is paid on a home loan is tax deductible. If you are looking to purchase a new house then you may qualify for the extended home buyer's tax credit. Even the interest paid on a HELOC may be tax deductible in some situations.
You will want to keep detailed records and not lose any receipts or required paperwork. Before you begin any home upgrades for tax reasons you should speak with a a tax expert. You can probably take advantage of these tax credits all around the year.
Below are a few great ways to use your house to reduce your taxes:
You will almost definitely need to work with your doctor to be sure health home improvements are eligible for tax deductions before you start any project. Health related home improvements: Your house should be a place where you can remain healthy. If a family member in your home needs a wheelchair then you may be able to modify your house and the expenses may be fully deductible.
Increasing your home's energy savings: Making your home more energy efficient can save you some serious green! The federal government is pushing energy saving house upgrades with a variety of different tax incentives. Upgrading to energy efficient doors, windows or water heaters may all qualify for special tax credits.
Home loan interest paid: For many homeowners the annual interest that is paid on a home loan is tax deductible. If you are looking to purchase a new house then you may qualify for the extended home buyer's tax credit. Even the interest paid on a HELOC may be tax deductible in some situations.
You will want to keep detailed records and not lose any receipts or required paperwork. Before you begin any home upgrades for tax reasons you should speak with a a tax expert. You can probably take advantage of these tax credits all around the year.
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Want to learn about more great ways to save money with your house? You can read about more home upgrade tax deductions and even learn how to do some easy home improvement projects on your own!