Check through our list and see how many potential deductions for taxes apply to you!
Can You Include Basement Remodeling Deductions for Taxes?
The tax man is here again, but before you groan too loudly, know that there are some things you can write off on your taxes if you’ve had some basement remodeling done lately. Check through our list and see how many potential deductions for taxes apply to you!
Office Space Deductions For Taxes
If you added a home office last year, the remodeling expenses may be one of the things you can write off on your taxes. In order to do this, you typically (but not always) have to prove that:
Figuring out your office space deductions for taxes can be tricky. We are not accountants, but you need to somehow figure out the percentage of home space that is being used for an office, and deduct that exact amount. Sometimes you can even write off a portion of your utilities and insurance costs.
Disability Tax Write Offs
Basement remodeling costs that were made specifically to accommodate a disability are sometimes things you can write off on your taxes, providing that:
There are certain limitations to how much you can claim, especially if the improvements increase the overall value of the property. Cosmetic improvements do not count. The improvements must be a medical necessity to qualify.
Energy Efficiency Write Offs
Most of the federal energy efficiency tax credits have long since expired, but you might be able to qualify for deductions for taxes if you choose an energy-efficient furnace or water heater. At the very least, utility companies have been known to sometimes give you credits for doing this, if not the IRS.
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