Are Home Improvement Costs Tax Deductible?
As the administration charged with the collection of taxes and the implementation of tax law, the IRS decides whether or not an individual can claim tax deductions. The IRS breaks these deductions into two types: standard and itemized. A standard deduction is a specific amount set by the IRS that an individual might be able to deduct out of his taxes. Itemized deductions are expenses an individual incurs that the IRS allows to be claimed as a deduction.
Misconceptions
Before being able to see whether or not a home improvement is deductible, it is necessary to identify the nature of the improvement. Home repairs, such as fixing a damaged roof, are not tax deductible since they do not add value to the house. However, any change in the house or replacement of something old for something new and more efficient that adds value to the property is tax deductible, and for tax purposes, such changes are called home-improvement expenses.
Medical Expenses
The first type of allowable home improvement deduction is related to medical expenses. If you need to make improvements to your home because of a medical condition--whether the patient is yourself, your spouse, your child or a dependent--any expenses related to the improvement are deductible. These expenses include any changes you make to your house for medical purposes recommended by a doctor due to a medical condition. Such expenses might include adding wheelchair ramps, lowering lights so a person in a wheelchair is able to reach them, improving air conditioning for someone with breathing problems or any other change needed for medical purposes.
Disaster Areas
Expenses you have for home improvements as a result of a disaster are also deductible expenses. The Katrina Emergency Tax Relief Act was signed by President Bush in 2005 granting a tax relief for those people who needed to rebuild their houses due to natural disasters. Since then, expenses to fix damages caused by natural disaster are considered tax deductible. This includes the expenses you might have in paying back a loan you have that helped you pay for the home improvements you made due to natural disasters.
Energy Efficiency
A tax deduction is different from a tax credit, but both decrease the amount of money you pay in taxes. Home improvements that are related to changes to make your house more efficient are eligible for tax-credit benefits. Such expenses can be for the purchase of new energy-efficient windows and doors, new insulation systems, a more energy-efficient air conditioning or heating system, solar water heaters, solar panels or a biomass stove. Most of these expenses are eligible to receive a 30-percent tax credit, which eventually decreases the amount of taxes you owe to the government.
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Publication 936 (2012), Home Mortgage Interest Deduction
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Publication 502 (2012), Medical and Dental Expenses
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