Posts Tagged ‘Home Improvements’

Claiming a Home Improvement Tax Deduction

March 27th, 2010



The approach of spring often encourages homeowners to start considering home improvements and repairs. However, before you start getting out the hammer and nails or hiring a contractor consider if your home improvements may be eligible for a home improvement tax deduction.

The first thing the homeowner must understand is the difference between a home improvement and a home repair. Simply put, a home repair is classified as fixing a problem. For example, repairing a hole in the roof, fixing a leak or repainting a room would be considered repairs. On the other hand, remodeling a kitchen, adding a couple of rooms, building a garage or installing a swimming pool would be classed as improvements. These improvements add to the living amenity of the home’s owners and usually add value to the home.

The Internal Revenue Service sets out strict guidelines on how a homeowner can claim a tax deduction for home improvements. It is strongly recommended that before you hire a contractor or start any home improvement works that you obtain advice from you tax consultant or from the local office of the IRS

Tax deductions can fall into any of several different categories. A medical condition that required providing disabled access to home would normally be classed as a home improvement.

There is a special tax deduction for victims of Hurricane Katrina. Consult with the IRS regarding the Katrina Emergency Tax Relief Act as it increases the permitted qualifying home improvement loans.

If you are planning improvements to an area of your home that is in need of repair you may be able to include the repair as an improvement. The Tax Act states that where a repair is carried out in the same area of the home that is being remodeled then the repair can be included as part of the remodeling project. So, if you are planning on remodeling your kitchen don’t forget to take care of the leaking pipes at the same time and claim the entire project as a deduction.

Tax Credits vs Tax Deduction

Tax credits can also provide significant savings to the homeowner. Whilst a tax deduction for home improvements can reduce the amount of income on which tax is payable, a tax credit directly reduces the tax itself. Tax credits are available for many types of home improvements. For example, installing insulation, adding energy-efficient windows, and some types of highly efficient equipment for cooling and heating, and solar water heating may all qualify for tax credits.

By: Alison Stevens

Simple Home Improvement Tips and Advice

March 27th, 2010



Everyone could use some home improvement tips and advice for their next remodel or repair project. Whether you are looking to fix a sink, spruce up a bathroom, remodel the kitchen or maybe even add an entirely new room to your current home. This article will help you discover many home improvement tips and advice resources available online and at your local building supply stores that you may not have thought of.

Can you say Google?

By visiting the search engine giant, Google – simply type in the words Home Improvement Tips and Advice and you will find a few thousand results. You could even narrow your search down a little and find several thousands more results, but this should give you a great start to begin with. Now let’s see what there is available for your next project.

Holiday or seasonal themes

Perhaps you have never considered making home improvements that are theme based. I know of many people who have specifically used home improvement tips and advice to redo an entire room in an outdoor theme, or antiques only themed room. This is more common than you may think. Perhaps you do not want to do anything too radical at this time.

Some home improvement tips and advice are specially designed for those not so glamorous projects; like unplugging drains, sewer lines or gutters. As we all know, these types of home improvements must be completed as well to preserve the value of our homes, but once you have a few items fixed around the house, you will want to seek some home improvement tips and advice that will add even more value to your home.

There are several simple projects that you could consider for increasing your homes value greatly, however; it is very important that you first set a budget and then create a basic idea and layout of what type of style you like best, based on the available funds you have set for your next home improvement project.

You might add a door to the spare bathroom and then some paint to make a substantial value increase to the over all homes value. Think of it like adding new tires to a car. You might be surprised how a few little home improvement tips and advice projects can make a huge difference in your home value.

Visiting your local building supply store may be one of the easiest ways to get some good home improvement tips and advice. I personally like to visit my local building supply stores, and simply explain to them what I need or maybe I should say what I want to do. They usually offer some very valuable tips on how to repair or fix up something that I had not even considered.

Last but certainly not least you need to consider the tools to do the job right. By doing a few searches on line using the terms home improvement tips and advice you will find many pages to see the various tools and ideas used. Now you have some basic knowledge when visiting your building supply or hardware store. Between the two sources you should have a winning project next time you need to do some work around home.

By: Tom Turner

Save Money When Hiring a Home Improvement Company

March 23rd, 2010



If you are considering a new home improvement project you may need to hire a home improvement company to help you complete the job. There are usually a couple good companies in each town that you can consider, but you may be able to save some money if you follow a couple of easy suggestions. This article will show you some tips to apply next time you hire a home improvement company.

When you are out and about you will often find many new homes under construction. One of the best ways to find a good home improvement company is to see what others are doing with their homes. Each company will have certain things that they are better at than others.

Plan Before You Start You Project

If you know for sure what types of home improvements you will be needing before you start your search for a contractor to do the job you will save yourself some money. Time is money so you want to make sure that you develop a clear strategy of what you want so that your home improvement company specialist does not need to charge you to develop ideas.

Save Money on Materials

The next way you might be able save some hard earned cash when hiring a home improvement company is to make sure you understand the materials they will be using for the job. You may be able to find some close out carpet or other flooring if you have a project planned that will include this type of home improvement. You may also find some nice fixtures on close out and have them on hand for you’re your home improvement company to install when they are working on your cabinets.

Know the Going Rate for Your Home Improvement Project

You can find good services online that will give you free home improvement company quotes and then you will have a good idea of the cost and some bargaining power when you are ready to hire someone. The forms online are very simple to fill out. They can often give you a quote from someone in your local area and often times the rate will be much cheaper than if they were dealing with you based on a phone call or referral since they realize you are shopping online.

By: Tom Turner