Get Tax Benefits By Improving Your Home!
Posted on October 15, 2015.
Did you know that certain home improvement projects provide tax benefits? Yes, it’s true – you can enjoy tax credits by upgrading your home in specific ways. This gives an added incentive to get going on all those little upgrades you’ve been dying to make. Your Kearney, MO home improvement ideas are more reasonable than you previously thought.
One of the best-known home improvement-related tax credits is the residential energy efficiency property tax credit. We all know the planet’s got some problems with climate change (or at least we hope that everybody understands this), and the government is eager to get people to make as many small reductions in their energy usage as possible. So if you’re interested in purchasing new energy-efficient windows, the government is in your corner. You’ll enjoy a tax credit as well as a reduction in your monthly energy bill. Some other ideas for making your home environmentally friendly include installing equipment for harnessing renewable energy sources, such as solar panels, wind turbines and solar-powered water heaters.
Certain Kearney, MO home improvement projects can qualify for tax credits if they are deemed medically necessary. If you or a member of your household is either a senior citizen or has a disability, you may be constantly thinking of ways to make your home much simpler to live in. You might be considering lowering the cabinets, making the doors and hallways wider, adding handrails to staircases and many other things that might help aging or disabled residents avoid accidents. As long as the additions are not purely for aesthetic purposes, you can enjoy tax benefits for this work.
Other things that you might be envisioning for your Kearney, MO home improvement might provide tax benefits when you get ready to sell your house. Any work you do to raise your home’s value will bring down the amount of taxes you’ll need to pay on the profit you reap from selling your home.