The home improvement industry is booming as owners across the country spend about $425 billion a year on everything from new roofs to redone kitchens.
Aside from the enjoyment of a renovated house, some owners may also qualify for a tax break.
And that’s a good thing since Americans are shelling out more than ever on home renovations. That $425 billion in spending represents a 53% jump from a decade ago, according to a March report from the Harvard Joint Center for Housing Studies. The increase has been partly driven by the aging of America’s housing stock, with owners upgrading their older homes, as well as more renovations on investment properties.
But knowing when and how to claim a tax benefit isn’t always easy. The biggest tax breaks are enjoyed by owners who work from home and can claim a home office deduction – as well as deductions for improvements
Donald LaSala was checking the security cameras at his upstate New York property when he saw a man wander into his yard, look both ways, then kneel to kiss the grass. Dr. Matthew Krauthamer once found a group of friends having a picnic on his front lawn. Justin Berthiaume lucked out one day when he found a sizable bud of marijuana taped to his gate. And then there’s Bridget Bobel McIntyre, who admittedly doesn’t feel cool enough to live in her Brooklyn apartment.
These four people have one thing in common: They all live in houses once occupied by famous musicians. LaSala owns Big Pink in West Saugerties, New York, where the Band lived and recorded The Basement Tapes with Bob Dylan. Krauthamer bought Whitney Houston’s massive Mendham, New Jersey, estate. Berthiaume rents the Grateful Dead House in San Francisco, where the band lived from around 1965 to … Read More
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