Tag: home deductions

What Are the Tax Benefits of Marriage?

Litchfield, NH Newlyweds Wonder About Their Taxes

Once married, you and your spouse can file taxes jointly, which has a number of tax benefits.  If either one of you makes significantly less income, this can lower your tax bracket and reduce your tax rate.  Combining incomes will bring the partner in the higher tax bracket to a lower level, reducing the couple’s overall tax bill.  There are also more deductions available to married couples filing jointly, including a higher threshold for charitable contributions and residency gain.

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Are Home Improvement Projects Tax Deductible?

Bedford, NH Homeowner Has Questions

Homes that are used solely for personal use cannot have the cost of home improvement projects deducted.  However, if down the road you sell your home for a profit the money paid for home deductions can be deducted from this profit.  This ends up being less of a profit that will be taxed when the home is sold.  If part of the home is used for business and this area is affected by the renovations, you can deduct 100% of this cost.

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405 Daniel Webster Hwy
Merrimack, NH 03054
(603) 429-2009

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