American Tax Service has posted an article about federal tax deductions available to people who complete home renovation projects in 2015.
June 22, 2015 — A recently posted American Tax Service article provides valuable information about federal tax deductions for those who complete home renovations in 2015. Remodeling itself is not a cost deduction.
The author states, however, various tax breaks and incentives apply that people don’t realize. One example is to perform upgrades using loan money from when the home is purchased. How a mortgage interest deduction may apply is explained.
The author also reveals that some upgrades may be eligible to claim as medical expenses. These include adding entry/exit ramps, handrails, lower cupboards, etc. Such upgrades must have a medical objective, the article states, and not be simply aesthetic or intended to increase property worth.
Next, explained are tax incentives related to electrical power production. There are many energy tax credits. For example, photovoltaic panels, geothermal heat pumps, and other technologies open eligibility for a 30% federal tax credit. This applies to the total price of the product and its installation. Restrictions include having to use the tax credit in the tax year of the installation. More insight is available in the article.
House sale exclusions are discussed as well. The financial implications and eligibility requirements are explained in detail. Final sale prices are measured as profit, the author says, further making the case for obtaining a house sale exclusion.
The article closes with a mention of H&R Block. The company helps clients claim any tax deduction or credit. It also has the expertise to assist those who have renovated their home during the tax year.
To learn more, read “Federal Tax Deductions for Home Renovation 2015” at http://americantaxservice.org/federal-tax-deductions-for-home-renovation/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Contact Information
Frank Ellis
American Tax Service
945 East 8th Street Suite A
Traverse City, Michigan 49686
Website: http://americantaxservice.org/