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Quick Tax Tips For The Tax Season (Tip #12)

12:00 AM Jamaal Solomon 0 Comments Category :





Personal Home Tax Deductions



Typically, home renovation costs are not deductible on your tax return. However, if you make improvements to your home for medical purposes — such as adding entrance-and-exit wheelchair ramps or lowering cabinets for better accessibility — you can deduct those renovations as medical expenses. If the renovations increase the value of your home, however, you can’t claim them as medical-related expenses.

Personal home tax deductions are not simply and you should always seek professional advice. Here is a shortcut to many of your home deductions questions....go to irs.gov and look for Publication 530. OK, let me make it even simpler, below is the direct link to the page:

Publication 530 

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