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Linden Walhard's Articles in Personal Finance
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Can You Expect a Deduction on Your Taxes?
Homeowners often wonder if the cost of the improvements that they make on their homes can be deducted from their taxes. It is a good question, and a hard one to answer. The rules about home improvement deductions always seem to be changing, so it is not wise to spend a lot of money on remodeling with the expectation that you will be able to deduct that money from your taxes. You should spend money on improving your house because it is a wide investment for when it comes time to sell you house. Hopefully you will get that money back in your home’s final value. However, even this can sometimes be a gamble. At the very least, it will be a long time before you see a return on your remodeling investment because most people live in their homes for at least a few years before they turn around and sell them. There are a few cases in which you can expect legally to deduct the
money you spent on home repair and improvements
from your taxes. One instance is when you need to do the remodeling due to an injury or medical problem. Many people who suddenly find themselves in wheelchairs need to widen their hallways and doorways to accommodate their new transportation. If you get very sick and need a nurse to live with you full time, you could deduct the money it would cost you to add an extra bedroom onto your house as a caretaker’s quarters. Perhaps if you have an ill child and need a full time nanny, this deduction would also work. However no one wishes for illness, just for a tax break when it comes time to do remodeling. Tax deductions are nice, but not at the cost of one’s personal health.
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