Home Improvements Tax Deductible

Additional Improvements, if any $ Home Office Deduction is listed on this worksheet is not necessarily an indicator of whether or not an item is taxable or deductible. Tax

guardianship are tax deductible. For many of our clients, guardianship is inevitable. Parents of children with special equipment in the home, modifications or improvements if their main purpose is for medical care, limited to the amount

Home Equity Home Equity Line of Credit Home Improvement Actual improvements to be made on home by licensed contractor. Tax-Deductible Interest Interest may be tax deductible. Check with your tax advisor. Interest may be tax deductible.

RENTAL PROPERTY EXPENSES Client: ID # TAX YEAR EXPENSES The Purpose of this worksheet is to help you organize Advertising your tax deductible business expenses.

ITEMIZED DEDUCTIONS AND MORE DEDUCTIBLE TAXES Description Amount State and local income tax payments made this year for prior Secondary residence Other Personal property or ad valorem taxes Sales tax on major items (auto, boat, home improvements, etc.) Other sales taxes paid (if

Profits realized from the sale of a home can result in a big tax bill, reduce the taxes on the eventual sale of the home. Example of improvements include: room additions, remodeling, a new In order to be deductible, fixing-up expenses must be for repair work performed during the 90-day

Requirement for treating improvements fore are not depreciable for tax purposes. Depreciable Land Improvements • Landscaping, shrubberies, ornamen-tal trees, fences, sewers, beds for a particular mobile-home park were held to be depreciable

Page 2 Tax Tips for Homeowners only to the extent of the original mortgage. Any additional indebtedness, if not specifically used to substantially im-

Deductions: Itemized Deductions ©2003 Qualified expenditures for home improvements and additions may be deductible to the extent that their costs exceed any increase in the fair ($4,800 – $3,000) (s) = (b) – (r) 3,000 Deductible interest on home equity loan ($4,800 x 62.5%

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