Tax Law (Questions About Taxes)/tax deductions

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Question
hi..i am trying to find out about good tax deductions for this year. we are going to be paying someone to come over and re-do the kitchen, add insulation in the walls, etc., and i am wondering if this will help at tax time. a couple years ago you could use things like energy efficient appliances, etc but i guess no more. anyway, could you please let me know this info for this year? thank you!

Answer
Great. I hope your remodeling job turns out nice. But don't count on Uncle Sam helping pay much of the bill.

If you take out a home equity loan to pay for this work, the interest may be deductible. There's probably nothing else that will affect your tax return. It's all considered a personal expense.

Tax Law (Questions About Taxes)

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Randall Klein, MBA, EA

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I am an expert in personal and small business taxation, including Forms 1040, 1120, 1120S, 1065. I can answer any type of tax question except those that are requesting help in illegal tax evasion. Tax avoidance is legal, however. I do not do offshore trusts, or opt-out of the tax system type of queries.

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25 years real experience in dealing with tax preparation, representation before the IRS, tax problem resolution, and more. Successfully represented clients in Offers in Compromise with more than 95% of all offers accepted.

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National Association of Enrolled Agents National Society of Tax Preparers BNI - Business Networking International

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MBA, Weatherhead School, Case Western Reserve University. BA, Indiana University, Bloomington Enrolled Agent, licensed by US Treasury.

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