Tax Prep Expert Reveals Details on Home Improvement Tax Deductions
Tax deductions in 2016 for home improvements are now explained on the Easy Income Tax Filing Online website.
Frank Ellis, a tax preparation planner and published author, has posted an article at Easyincometaxfilingonline.com that explains the home improvement tax deductions now available. These deductions are available whether one already owns a home, or plans on buying one. The author also says second homes and rentals may qualify for some deductions and credits as well.
Those who plan to buy a home can choose to do so at a time when tax saving measures are available. Ellis says one can even use this to their advantage, putting extra money into home improvement projects. He then explains how to claim the home improvement tax deductions in the article
Next, several tax credits for energy efficient home improvements are listed. These expire on December 31, 2016. Geothermal heat pumps, small wind turbines, and solar energy systems qualify. Other deductions are listed as well. These include those for residential fuel cells, and micro turbine systems.
There is also a medical expense home improvement deduction. This covers renovations made for medical purposes; Ellis includes the IRS’s definition in this section, plus the agency’s resource for finding specific requirements. Eligible medical improvement projects include installing ramps, adding wheelchair accessibility to a home, modifying bathrooms, adding handrails, and widening doors and hallways.
In addition to listing eligible medical improvements, the author talks a little about home repairs, which don’t ordinarily qualify for deductions. Tax software guides are highlighted, such as TurboTax, which helps to understand the process of claiming home buyer and owner tax deductions . It removes the guesswork, and can be tried out for free.
To learn more about TurboTax, and find out about home improvement tax deductions, visit http://www.easyincometaxfilingonline.com/home-improvement-tax-deductions/
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.
Easy Income Tax Filing Online
Address: 945 East 8th Street Suite A, Traverse City, Michigan 49686