Get Ahead of Taxes: 2023’s Deductible Home Fixes

Smart homeowners know that some home fixes and improvements can lead to valuable tax deductions or credits.

In this blog, we’ll explore some of the deductible home fixes for 2023, allowing you to save money while improving your home.

Energy-Efficient Upgrades:

Energy Efficient Home
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One of the most popular and rewarding ways to reduce your tax liability while enhancing your home’s energy efficiency is through energy-efficient upgrades. In 2023, these upgrades remain eligible for tax credits.

These can include improving insulation, upgrading windows and doors, and installing energy-efficient heating and cooling systems. These upgrades not only lower your energy bills but can also qualify for the Residential Energy Efficient Property Credit.

Solar Panel Installation:

Solar Panel Home
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Solar energy is a sustainable and cost-effective way to power your home, and it also comes with tax benefits. Installing solar panels on your property can make you eligible for the Solar Investment Tax Credit (ITC), which allows you to deduct a portion of the installation costs from your federal tax liability.

With the ITC, you can contribute to a greener future and save on taxes simultaneously.

Medical Home Improvements:

Wheel Chair Ramp
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If you’re making home modifications due to medical needs or disabilities, certain expenses may be tax-deductible. These include expenses for wheelchair ramps, bathroom modifications, or other accessibility enhancements.

Keep detailed records of these expenditures, as they can potentially be claimed as a medical deduction.

Home Office Deductions:

Woman Working In Home Office Closet
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With the rise of remote work, many homeowners are creating dedicated home offices. If you use a portion of your home exclusively for business purposes, you may qualify for the home office deduction.

This deduction allows you to claim a portion of your home-related expenses, such as mortgage interest, property taxes, and utilities, as a business expense. Be sure to consult a tax professional for detailed guidance.

Home Energy Audits:

Energy Audit
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Before diving into energy-efficient upgrades, consider getting a home energy audit. The cost of an energy audit can be tax-deductible, and it’s a valuable step in identifying the most cost-effective energy improvements for your home.

A home energy audit helps you make informed decisions about where to invest your money for maximum energy savings.

Property Tax Deductions:

Tax Accounting
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Property taxes are a significant expense for homeowners, and the good news is that they are often deductible on your federal income taxes. Be sure to keep records of your property tax payments, and consult with a tax professional to understand the specific deductions available to you.

Disaster-Related Repairs:

Disaster Repair
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In the unfortunate event of a natural disaster, the cost of repairing your home can be tax-deductible. Whether it’s repairing damage from a hurricane, flood, or wildfire, these expenses may be eligible for tax relief. Consult with a tax professional to navigate the specific requirements and claim the deductions you’re entitled to.

By taking advantage of deductible home fixes in 2023, you can not only improve your living space but also reduce your tax burden. Remember to keep thorough records of your expenses, consult with a tax professional for personalized advice, and stay informed about changes in tax laws that might affect your deductions.

Unlock Designer Home Upgrades without Breaking the Bank!

Woman Doing DIY
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If you’re ready to elevate your living space without emptying your wallet, you’re in for a treat. We’re delving into the realm of interior design, armed with tips and tricks from the pros themselves.

Against the Grain: 10 Things Designers Say No that I’m Saying Yes To!

Cute Girl Approving
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While some interior designers may hold different opinions, I’m excited to share eleven design choices that go against their grain but are dear to my heart for my future house.

Designer Insights: 14 First Impressions of Your Home – What Do They Say About You?

Personality Woman
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Your home is an extension of your personality, style, and preferences. It tells a story about who you are and what you value. In this blog, we’ll explore 14 first impressions your home can make and what they say about you.

Hot or Not: 7 Interior Designer Favorites vs. 7 Outdated Trends

Interior Designers
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Whether it’s optimizing space, selecting eco-friendly materials, or curating designs that resonate with individual tastes, interior designers play a pivotal role in crafting homes that reflect both beauty and purpose, enhancing the overall quality of living spaces.

Home Trends Going Out of Style

Man Regretting
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Jump on board the time machine, and let’s check out some old home design trends that are so yesterday. We’re talking about things that used to be cool but now make us go, “Huh?” Here are 15 outdated home trends that need a major makeover!

 
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Cassity Kmetzsch started Remodelaholic after graduating from Utah State University with a degree in Interior Design. Remodelaholic is the place to share her love for knocking out walls, and building everything back up again to not only add function but beauty to her home. Together with her husband Justin, they have remodeled 6 homes and are working on a seventh. She is a mother of four amazing girls. Making a house a home is her favorite hobby.

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