I am a very organized person and have faced a lot of hardships to reach the success and thus I see that my money is not wasted. I like to spend in a very organized way. My wife is always asking me to invest on the renovations of her kitchen but I was not to keen about it.
Advice From My Tax Consultant
I am not too much aware of the tax benefits one can get. A friend of mine told me that that home improvements as tax deductions is a good alternative. I immediately consulted a tax consultant who explained me the entire thing. The professional told me that tax reduction on home is possible with increasing the basis of the basis of home. Later if I plan to sell my house I will be able to get tax reduction and will have to give the tax only on the gain. A kitchen or any massive remodeling will also give me this benefit even.
My Wife Is Happy
As I knew about it I informed my wife that the kitchen remodeling can be done. She was very happy as I explained her all about the home improvements as tax deductions. This made both of us happy.
I have always dreamt of a house by the seaside from where I can enjoy watching the overlapping of the azure waves on the golden sandy beaches. I knew that it is difficult to get a plot of land at the seaside so I bought an old house by the seaside so that I can settle along with my wife after retiring from my job. I did not want to invest on the renovation of the house as I had decided to stay there after my retirement in the future. We often visited the place on our holidays but we could never stay at that house because of its dilapidated condition.
Home Improvement Was Consulted By My Tax Consultant
I had decided to renovate the house after my retirement and investing money on it now seemed to be sheer wastage of money. A few months back when I was consulting about tax deductions with my tax consultant, I came to know that tax was deducted for major home improvement projects as well. He consulted me to improve my house so that I can claim for the tax deduction and it will save the cost for renovation in the future. So, I decided to go for the renovation project.
New-Look Of The Old Beach House
I consulted with the best home improvement company for the renovation of my beach house. The house was remodeled according to the latest standards with a patio, balcony with a sea-view, roof-top pools from where you can get a breathtaking view of the sea. My beach-house was renovated and remodeled to give it a complete new look. My wife was happy to see the extraordinary service of the home improvement company. I was not aware of home improvements as tax deductions earlier but it saved a lot of money from my income at the end of the financial year.
Now we cannot resist visiting our renovated and re-modeled beach house every weekend.
After our 2 years long relationship when I and Kevin finally decided to tie a knot, the first thought that came to my mind is that before starting up our new journey we have got to move to a new apartment. But decorating the newly bought apartment with that old furniture seems so dull that I decided to dump all the old stuffs and decided to do up our apartment with some new bric-a-brac. But I found it really difficult to go to the shops and bag some new furniture or hire an interior decorator to end up with the interior improvement.
Then Kevin suggested me to Google some latest home improvement catalogues over the net which can resource some new ideas. I found a whole new list of bedroom furniture, bed accessories, modern closet designing, decorative lights, various electronic equipments, bathroom furniture and so on. Well after I was done with the job Kevin told me to arrange a get together party at our place. My interior was appreciated widely by all my guests.
Boon Became Curse
But a bolt came from the blue when after a couple of months I and Kevin had to suffer from some financial crunch. Though me and him, we both work in a good company but the huge amount that I applied on improving our apartment made us to pay back. We were almost astonished to see the pathetic condition of our bank accounts which got almost empty. After a long term consultation with my husband and well-wishers we decided to sell this apartment!!
Twist That Changed Everything
Twist came to my story when after selling the apartment I got home improvements as tax deduction. Well, it sounds crazy but it happened to us. Actually according to the u.s tax law if any sort of improvement or remodeling or renovation is done to an old apartment then this causes home improvements as tax deduction. According to the u.s tax law any sort of home improvement improves the living amenity of the people. Hence anything related to remodeling or home improvement claims for a great deduction is home tax. Since our interior designer team added so many new things to the apartment and they all got considered as home improvements, me and Kevin got blessed with this opportunity.
The whole journey is worth to share and remember again and again. Very interestingly our journey started with some big dreams, twisted by abrupt financial hurdles and ended up with a very relieving feeling.
Hi everyone, this is Tatiana Jones. Today I am going to share an amazing incident that happened to me a couple of years back. By profession I am freelance writer. It’s been my dream from my childhood days to make a dream house exactly like those entire princess mansion what we used to read in the mill and boons stories. Though I was pretty sure about my ultimate budget but still I ended up the entire shopping with purchasing some expensive furniture from different shops all over the world. Plus I also downloaded some home improvements catalogue which summed up the entire home improvement idea with an extravagant expense. Hence finally when the idea of improving my old apartment becomes true I found a very poor bank balance!!
When Dream Causes Tension
To transform my old apartment into an extraordinary one, initially my central aim was to do up with the interior portion only. Hence I started with renovating the patio. I wanted to add the classic French style to it. After it was done I shifted my focus to the other portions such as the balcony, bathroom and bedroom. I almost changed the interior of the entire apartment .The whole journey of my home improvement ended with a long term stress for spending a lot of money on it.
When The Curse Turns Into Boon
But at the end of that year when it comes to pay the annual tax, my jaws drop in to see that it’s my home improvement idea which causes tax deduction. Well it is enshrined in the tax law of us that remodeling or improving or recommending any part of the dwelling will deduct the amount of tax at the end of the year.
Us tax law says that the concept of improving home or any particular part of the house would add value to the concerned apartment. Plus it will be considered as a means to improve the amenity of the people who are living in that apartment. So each and everything that will cause home improvements will be claimed resulting in home improvements as tax deductions. Since I am not a native to us, I was completely unknown with such tax law which ultimately appeared as a boon to me and my family as well. Hence my dream of building up a nice home sweet home became true and at the same time I got rid of repenting immensely for that extravagant expenditure.
I had always wanted to have a modular kitchen at my home to make my experience of cooking much more exciting. I have been planning it for long after taking ideas from many designs which I found online. After I saw the designs online I was very much enthusiast to have a modular kitchen of my own. I took help of many tips and made a plan of my own. My friends and family saw it approved it.
While Choosing A Company
As everything was planned after making the design I wished to contact the contractor who will give me the best materials and services for kitchen renovation. I wished to have the best company who will be able to turn my wish of modular kitchen into reality. I found the company which best suited by requirements. As the officials came I came to know about the home improvements tax deductions.
Kitchen Renovation Tax Reduction
The company told me that I could get tax benefits if I did this renovation of my kitchen. I was very surprised as I didn’t know about it. I am thankful to the company who not only helped me with the kitchen renovation but also gave me the knowledge about home improvements as tax deductions.