Is My Home Repair Tax Deductible?

Is Home Repair Tax Deductible - Politics, Business, Civil, History - Posted: 23rd Feb, 2011 - 12:00am

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Post Date: 22nd Feb, 2011 - 11:59pm / Post ID: #

Is My Home Repair Tax Deductible?

Is my home repair tax deductible?

We recently had a pipe freeze and leak and had to have it fixed. The plumbers recommended having another company come out that deals with water damage and possible mold, so we had them come out with fans and microbial spray, etc.
Our homeowner's insurance only covered charges that were higher than our deductible (the deductible was very high so we still had to pay about 98% of the cost).
It was much more than we even payed to have the pipe fixed! (The guy who came out basically promised that our insurance would cover most of the cost when it turns out he obviously didn't know what he was talking about.) I was just wondering if this would be tax deductible or if it does not qualify. Ref. Source 8

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Post Date: 23rd Feb, 2011 - 12:00am / Post ID: #

Deductible Tax Repair Home Is

Name: CleanStar
Country:

Comments: Here in the US only home improvements they are proven energy efficient are tax deductible.
For any other repairs you will have to come up yourself if you can't claim it with your home insurance.
If your deductible is that high I would suggest you to look into another home insurance with a good coverage and a lower deductible. Never believe in what the repair people tell you about what insurances cover. Every insurance company has their own policies and no repair man in this world would know them all. What the one insurance might cover does not mean the other insurances automatically will cover it too.


 
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