Home Improvements And Your Taxes
Between January and April, most people in the United States have one similar thing hanging over their heads – taxes. While the topics of interior flooring and taxes might seem pretty disparate, they do have overlap in the realm of home improvement.
Can You Get A Tax Deduction or Tax Credits For Home Renovations?
While getting a tax deduction for home renovations isn’t as straightforward as simply turning in your receipt for renovation projects, you can capitalize on certain renovations and improvements.
As described by TurboTax, home renovations that are focused on installing alternative energy sources may qualify for certain tax credits or deductions. Homeowners who must make renovations due to medical needs may also be able to deduct the renovation expenses from their taxes.
If you’re purchasing a new home, or planning to, you can benefit from tax deductions if you build the cost of home renovations into your mortgage. For tax purposes, consider home renovations and home improvements as you look at the home, and do the cost planning then and there. Making renovations – like installing new, durable flooring – can help you make the most of the mortgage interest deduction while also serving as a long-term investment in the overall quality of your home.
Using Your Refund As An Investment In Your Home
Once your taxes are filed and you realize you have a refund coming to you, it’s time to determine a way to make that refund an investment.
Using a tax refund to invest in your home has long-term benefits. When you make a home improvement or renovation that includes durable features like Aqua Step 100% Waterproof Flooring, you’re making a strategic decision to invest in the extended structural integrity of the property. Doing so can help increase the home’s value, helping you when it comes time to sell the home.
Additionally, as H&R Block explains, if you keep track of the home renovation and can show that it is a project that adds to the home value and prolongs its life, you can add it to the basis of your home and decrease the gain on the home’s value if you sell it.
The installation of Aqua Step can certainly help prolong the life of your property. It prevents mold and mildew from building up, stopping structural and environmental issues from water damage before they can even crop up. It’s also an overall durable flooring that can stand up to the toughest circumstances – pets, people, leaks, wet and muddy messes…you name it. Aqua Step is also available in varied styles, so you can seamlessly integrate your flooring into your interior design and improve your home’s overall appearance.
Over time, the installation of Aqua Step can serve as a valuable investment as it protects your home, providing you with future opportunities to benefit from its purchase. When it comes time to decide how to invest your tax refund, consider a home improvement project with Aqua Step.
To learn more about Aqua Step 100% Waterproof Flooring and to see the full range of designs and styles we offer, please visit our Products & Samples page. If you’d like to invest your tax refund to improve your home’s flooring, contact us to get started.