How will home improvement (like basement waterproofing) affect my taxes?
Nobody likes doing taxes, right? It’s all so tedious and terrifying at the same time: Finding the right forms, rifling through receipts, wondering about deductions and worrying about being audited are enough to make April the most frustrating month of the year. If you’re a homeowner, it’s almost enough to make you want to sell the house and rent an apartment somewhere… if that didn’t mean more taxes.
But if you’ve made any repairs or improvements to your home, your taxes might become more complicated. Generally, home repairs by themselves are not eligible for any sorts of tax deductions, but certain types of home improvement projects can be deducted, such as home offices and accessibility for handicapped persons. The details are a little dicey, so it’s best to contact a tax professional before making a final decision; a basement waterproofing website isn’t the best source of tax information, and it’s always a good idea to get advice from financial experts on these matters. If you have a regular accountant, it might also be a good idea to consult with him or her before embarking on any home improvement project. A basement waterproofing effort by itself might not be eligible for any sorts of deductions or tax credits, but if it’s creatively financed, or if you’re able to lump it in with projects that are eligible, it’s possible to catch a break on April 15.
Basement waterproofing is just one of the services we provide that may have an impact on your tax return. Check out the details of how each of our services affects your bottom line:
Right Way Waterproofing is a full-service basement waterproofing contractor operating in southeastern Pennsylvania and southern New Jersey. We provide an extensive menu of basement waterproofing services; there’s very little we haven’t seen in the way of basement leaks, so we’ve got a solution for nearly every problem. Contact us for a free and fair estimate.