In this quick, informative episode of the Dr. Friday Tax Tips – One Minute Moment Podcast, Dr. Friday, the president of Dr. Friday’s Tax and Financial firm, tackles a common tax query: Can you deduct home repairs on your taxes? Dr. Friday provides clarity on when and how home repairs can impact your tax situation, particularly focusing on the difference between personal home improvements and those made for business purposes, such as a home office. She highlights that while most home repairs don’t offer immediate tax deductions, they can be viewed as investments that increase the value of your home, potentially leading to significant tax benefits when selling. The episode concludes with an invitation to reach out for personalized tax assistance via her website and a reminder to catch her live call-in show on Saturdays.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
You had a lot of repairs done on your primary home this year and you’re wondering, there’s got to be someplace where I can deduct those on my tax return… and the answer is no. In most cases, again, unless it’s a home office or something where you’re self-employed and those extensions were doing to to grow your business then they actually you increase the value of the home and at that time that’s all it is. It’s an investment and when you sell the home of course we have an automatic exclusion of $250,000 for an individual, $500,000 for a married couple above what you’ve paid for it or put into it. If you need help with your taxes all you need to do is go to www.drfriday.com and click on appointment.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.