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
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