HOME REPAIRS & REFURSBISHMENTS

We love our homes, it is our most priced possession. We constantly try to improve it and put a lot in repairs to keep it looking new and beautiful. While you spend for your home improving and repairing it, Mintiers Financial ensures you do it in the right way and take care of deductions and repairs on your taxes. Here are few basic examples classified as improvements and repairs.

Examples of Improvements:
  • Adding an Addition
  • Adding Central Air Conditioning
  • Installing a Security System
  • Installing Brand New Hardwood Flooring
  • Replacing an Entire Roof
  • Replacing All Existing Plumbing
  • Replacing All Existing Electric
  • Renovating a Kitchen
  • Renovating a Bathroom
  • Replacing All Windows
  • Adding a Deck

Examples of Repairs:
  • Refinishing a Wood Floor
  • Repainting a Room
  • Repairing a Roof
  • Repairing Existing Plumbing
  • Repairing Existing Appliances
  • Replacing a Doorknob
  • Replacing a Window
  • Replacing a Broken Smoke Detector
  • Replacing Rotted Floorboards
  • Replacing Cracked Floor Tiles

You can deduct improvements made on your property, however, you cannot deduct the full value of the improvement in the year the improvement occurred. This is because an improvement adds value to your property for years to come, not just in the current year.

For those things that could fall in a grey area between improvements and repairs, we are the perfect accountants for the job whom you can trust, we do all the calculations for you, eliminate confusion and ensure you get the full benefit of your recent improvements.
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