This is often a tax credit you may take on an older house that needs some updating. Note you could claim tax credit on energy-efficiency enhancements you do to your rental property as properly. Other widespread examples of home enhancements are a model new roof, new driveway, a new septic system, or model new home equipment.
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Before you start any work on your house or rental property, ensure you’re clear on the distinction between a home improvement and a home repair. The last item you want is to end up in hot water with the IRS because you tried to cross off a restore as an improvement on your tax return. “All the fads now are for flattening walls and making huge rooms.
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All four plan choices enable clients to choose …