Tax Deductible Home Improvement

Whether you’re a homeowner looking to enhance the value of your home or an investor looking to boost your return on investment, home improvement is a good investment. Not only does home improvement increase the value of your home, it can also be tax deductible.

Home improvement includes a wide variety of projects, from remodeling to repairs. You can even take a home improvement loan to finance your projects. However, if you want to make sure that your home improvement projects will add value to your home, it’s important to do your research.

A new survey from Axiom, a Minneapolis marketing firm, found that consumers plan to spend a lot of time and money on home improvement projects in 2021. Almost 90 percent of respondents plan to spend more time on home improvement projects than they did in 2017. Many of the projects surveyed included repairs, additions, or renovations.

The survey also found that more homeowners plan to hire a landscaper or build a patio or deck. More than a quarter of homeowners plan to tackle these projects themselves, while almost half plan to hire a contractor.

Axiom surveyed consumers about their recent home improvement projects and accomplishments. It also asked how much expertise they had and where they were most likely to focus their efforts.

If you are planning a home improvement project, it’s important to find out if the project will be tax deductible. If it’s not, you may have to pay tax on the material costs.