kyphysics
- 687
- 446
I've Googled this a little bit after an old college friend mentioned to me that her parents supposedly used some method like this to reduce their taxes regularly (she seemed to imply they did this "frequently" on the recommendation of their accountant - maybe not every year, but it sounded like a few times, at least over the decade), but couldn't find any definitive answers.
If anything, it seems articles I've come across may say the "opposite" (well, as in, in most cases such events are not tax deductible):
https://www.businessinsider.com/personal-finance/are-home-improvements-tax-deductible
Although, in some very specific cases, this may be a possibility: https://www.usatoday.com/story/mone...owners-can-get-breaks-their-taxes/4154378002/
1.) home office repairs/renovations - if you use your home office space strictly for business only, then you can deduct things done to it
2.) capital improvements - renovations that "add value" to your home (not just fixing a broken faucet, but like remodeling the entire kitchen). Although, in this case, it may not matter much if the total capital gain (even after value added via renovation) is not above the deductible amount already in place ($250,000 for singles and $500,000 for couples) for when you sell your home.
Other than these two cases, would anyone know of any other possibilities (particularly, ones that one might be able to use regularly)?
Random Side Note/Question: Has anyone ever considered (or done it) going to an accountant regularly to see how one might reduce their taxes regularly (in this case, I mean not just pertaining to home repair/renovation, but just in general)? Probably not worth it for a low-income earner, but if one is making, say, $80,000 and above, might it be worth it to pay to consult with an accountant? Anyone know how much is charged if so?
Random Side Note/Question2: Would others maybe be interested in a personal finance thread? I had one years ago when I was super ignorant of the topic and posted Dave Ramsey articles/videos that ended up getting it shut down. lol. I promise I won't post his stuff if we can launch a new and improved version of that thread. ...I'm not the same person as I was back then. Have learned quite a lot (but nowhere near enough and always looking to sharpen my knowledge).
If anything, it seems articles I've come across may say the "opposite" (well, as in, in most cases such events are not tax deductible):
https://www.businessinsider.com/personal-finance/are-home-improvements-tax-deductible
Although, in some very specific cases, this may be a possibility: https://www.usatoday.com/story/mone...owners-can-get-breaks-their-taxes/4154378002/
1.) home office repairs/renovations - if you use your home office space strictly for business only, then you can deduct things done to it
2.) capital improvements - renovations that "add value" to your home (not just fixing a broken faucet, but like remodeling the entire kitchen). Although, in this case, it may not matter much if the total capital gain (even after value added via renovation) is not above the deductible amount already in place ($250,000 for singles and $500,000 for couples) for when you sell your home.
Other than these two cases, would anyone know of any other possibilities (particularly, ones that one might be able to use regularly)?
Random Side Note/Question: Has anyone ever considered (or done it) going to an accountant regularly to see how one might reduce their taxes regularly (in this case, I mean not just pertaining to home repair/renovation, but just in general)? Probably not worth it for a low-income earner, but if one is making, say, $80,000 and above, might it be worth it to pay to consult with an accountant? Anyone know how much is charged if so?
Random Side Note/Question2: Would others maybe be interested in a personal finance thread? I had one years ago when I was super ignorant of the topic and posted Dave Ramsey articles/videos that ended up getting it shut down. lol. I promise I won't post his stuff if we can launch a new and improved version of that thread. ...I'm not the same person as I was back then. Have learned quite a lot (but nowhere near enough and always looking to sharpen my knowledge).