| A home improvement deduction may fall
| |
| | these may address a deduction based on
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| under any of several different topics, so
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| | individual circumstances and your family
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| it is important to explore the situations
| |
| | financial consultant or accountant can
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| that are right for you. For example, if a
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| | help determine the rest.
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| mortgage has been refinanced to pay for a
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| | It is possible that a deduction may fall
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| project, the owner of the home may
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| | within several areas on the same form,
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| qualify for a legitimate deduction.
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| | whether some of it is written off under a
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| Likewise, deductions may be claimed if
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| | refinanced mortgage, handicapped
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| the home is being redesigned to make it
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| | accessibility, or flood damage. It is
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| handicapped accessible.
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| | better not to figure these out yourself,
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| A home tax deduction for medical or
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| | unless you have advanced knowledge of the
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| handicapped purposes may create a
| |
| | tax laws and/or are ready to be held
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| substantial tax savings, but only a
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| | personally accountable when a deduction
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| qualified professional can best counsel
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| | is found to be inconsistent with current
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| you regarding these situations. In
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| | laws.
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| addition, it may also be possible to
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| | You may call the IRS with additional
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| claim a deduction if you are building or
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| | questions regarding a deduction at
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| improving a home office inside, or
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| | 1-800-829-1040 for live assistance,
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| attached to the main residence.
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| | toll-free at 1-800-829-4933 for business
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| Victims of Hurricane Katrina may qualify
| |
| | assistance, and 1-800-829-4059 for TTD
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| for a special tax deduction but should
| |
| | assistance.
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| consult the IRS regarding the Katrina
| |
| | Do not wait until the construction is
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| Emergency Tax Relief Act. In brief, it
| |
| | over to determine whether you have a
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| increases the permitted qualified home
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| | qualified home improvement tax deduction.
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| improvement loans. Again, a tax
| |
| | Good record-keeping throughout the
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| specialist can help determine if these
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| | project will make it easier to decide
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| victims can claim a special home
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| | whether your deduction is legitimate, or
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| improvement tax deduction based on their
| |
| | if additional information and/or
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| individual situations.
| |
| | authorization is required.
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| Publications
| |
| | One Last Tip
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| There are a wide range of publications
| |
| | To some people this might sound like a
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| from the IRS that should be consulted, in
| |
| | no-brainer but it's important and quite a
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| whole or in part, before planning to
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| | few people think that it doesn't apply to
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| claim a deduction. These include:
| |
| | them. If you're going to try and get a
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| Publication 936, Home Mortgage Interest
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| | deduction for imporvements made on your
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| Deductions; Publication 502, Medical and
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| | home please be sure that it's valid.
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| Dental Expenses, which will discuss
| |
| | Don't try to get something out of the
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| accessibility-related situations of a
| |
| | government by lying or stretching the
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| home improvement tax deduction;
| |
| | truth about costs involved or anything
|
| Publication 530, Tax Information for
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| | else to do with the deduction. Sooner or
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| First-Time Homeowners; and Publication
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| | later you'll be found out.
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| 554, Older Americans' Tax Guide. All of
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|
