Certain types of home improvements can lower your tax bill, or produce a bigger refund to help finance other home projects. Below are some examples, but a word of caution: Old Village Master Painters can help you bring out long lasting beauty in your fine home, but we're not tax experts - be sure to consult with your tax advisor regarding any of these deductions!
As we said above, Old Village Master Painters would love to hear from you about any painting or home beautification project, but check with your accountants first regarding any tax deductions.
Some content from the Paint Quality Institute, used with permission.
The cost of removing lead-based paint in the course of remodeling or repainting may be tax-deductible.
Old Village Master Painters is EPA Certified for Lead Paint Removal.
The Pennsylvania program will offer a 25 percent tax credit for the rehabilitation of qualified income producing buildings that are also using an federal tax credit. The legislation aims to stimulate redevelopment and help revitalize communities that have an abundance of historical properties.
The cost of installing certain energy-saving items in your main home – including energy-efficient windows and skylights, exterior doors, insulation systems, a furnace, or hot water heater — may qualify you for a special tax credit.
If you itemize, you may be able to take a deduction for improvements to your home that are made for medical reasons – widening doorways, adding handrails, sometimes even installing a spa or swimming pool if the main purpose is medical.
Improvements that increase the value of property, lengthen its useful life, or adapt it to a different use (building an addition, converting a basement to a recreation room - a great paint job - or even re-wiring a home, for example) increase the “basis” of the property and can save on taxes at the time of sale.
You can deduct the cost of points paid on a loan to improve your main home. The deduction can be taken immediately or spread out over the term of the loan.