BackInvest Your Tax Return Into a Home Remodel02/20/24

Tax season is upon us, so Wineteer Construction wants to provide some ideas and insight into ways to Invest Your Tax Return Into a Home Remodel. When homeowners think of home remodeling projects, it’s easy to think about the huge remodeling projects. However, remodeling companies like Wineteer also specialize in single-room remodels, specifically for your kitchen, bathroom, aging in place modifications, and outdoor space remodels. You can also stretch your tax return money by completing those minor home repairs, like patching a leaky roof, repainting a room, installing new flooring, or even upgrading your lighting around your home. However, major home improvements—projects that substantially make a property more valuable or useful—are tax-deductible.

Home renovations can maximize your tax return

Home improvements happen to be the specialty of Wineteer Construction. These capital investments can transform a room into an entirely new space, and can fall within a budget, timeline, and color/design palette.

Yet, even though a renovation project is a large investment, you cannot deduct the cost from your yearly federal income taxes. Still, these projects will most likely increase the resale value of your home. So, it is critically important to keep records of these expenses to reduce the taxes you owe when selling your house. A lower tax obligation means more of a profit at the time you sell your home.

Energy efficient improvements can yield long-term savings

Home improvement expenses that can be deducted the same year include installing alternative energy equipment, like solar paneling or wind turbines, or purchasing Energy Star appliances. “Certain energy-saving home improvements can yield tax credits at the time you make them,” according to “Home Improvement and Your Taxes” from TurboTax.

Home improvements can qualify for tax deductions as medical expenses. If a home modification is more about being medically necessary than about increasing the value of your home, deductions can be claimed for materials and installation. To learn more about medically necessary home improvements, read a recent blog from LifeWise Renovations, a Wineteer Company.

Reinvest and remodel

If you’re ready to invest your tax return into a home remodel, reach out to the true locally-owned and operated home remodeling company, Wineteer. Our in-house design and build team can bring your vision to life. Reach out today to schedule a design consultation! 913-717-6325 or https://wineteerconstruction.com/contact-us/