Home is Where the Tax Deduction Is

May 6, 2013

Window covering often qualify for a tax deduction, provided they meet certain criteria. When replacing blinds or drapes with a window film, bear in mind that the film itself is tax deductible, but the installation does not qualify for a deduction. The same rule applies to new roofing—in order to qualify for a tax deduction, a new roof must be for the individual’s primary residence, and the deduction applies only to the roofing materials and does not extend to the roof’s installation cost. New insulation follows the same guideline for primary residence and material only—but can net the homeowner up to 30% credit. When performing routine maintenance or making repairs and improvements to your home, consult your homeowner’s policy and a tax professional to make sure that you put your upgrades to work when it’s time to file taxes.

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