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Sunday, January 29, 2023

What Home Improvements Are Tax Deductible? Tax Pro Explains

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The transforming increase soared in 2021 on account of a lot of causes, together with the continuing pandemic and an rising variety of individuals working from dwelling. Spending and transforming are anticipated to stay robust in 2022, with indicators that issues may decelerate by the tip of the yr, in line with Harvard’s Leading Indicator of Remodeling Activity (LIRA)

But, not all dwelling enhancements are handled equally by the IRS.  

Recommended Reading: TurboTax Advice on Tax-Deductible Home Improvements

“For most people when you’re doing home improvements it’s a personal expense, and so it’s not tax-deductible”, says Jeffrey Levine, CPA and tax professional for Buckingham Strategic Wealth’.  But, there are some exceptions.

Source: www.thestreet.com

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