July 24, 2024


Interior Of The Road

Home Improvements and Tax Deductions: Everything You Need to Know

The remodeling boom soared in 2021 due to a number of reasons, including the ongoing pandemic and an increasing number of people working from home. Spending and remodeling are expected to remain strong in 2022, with signs that things could slow down by the end of the year, according to Harvard’s Leading Indicator of Remodeling Activity (LIRA)

But, not all home improvements are treated equally by the IRS.  

Recommended Reading: TurboTax Advice on Tax-Deductible Home Improvements

“For most people when you’re doing home improvements it’s a personal expense, and so it’s not tax-deductible”, says Jeffrey Levine, CPA and tax expert for Buckingham Strategic Wealth’.  But, there are some exceptions.