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willnd | Home Maintenance Tax Breaks? |
Things like:
1) weekly lawn care
2) hiring someone to paint your house
3) hiring a full-time houskeeper, wouldn't this bring tax breaks as an employer?
Any other ideas to lower tax liability for a home owner? |
 |
 
Charles G
|
1 weekly lawn care - no.
2. hiring someone to paint house - no.
3. hiring a full-time housekeeper - no, and you would be probably liable for the "nanny tax." Be careful with that one, and if you do, follow the rules.
As someone suggested, starting a home based business can qualify you for taking SOME expenses, but you have to follow the rules for the business deductions. The area of your home has to be used EXCLUSIVELY for business, no cat bowl or dirty laundry allowed. And the business has to have a profit motive, or the IRS will reclassify it as a hobby, and you will end up paying back taxes, plus penalty and interest. This means usually you have to make a profit three of five years. And if you sell the house, you pretty much recapture everything you saved in taxes. Works better for a renter. If you "sell" your house to the "corporation," you could lose your house. Be very careful of such a scheme. |
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Clark Kent
|
None of these are deductible.
The only thing other than tax and interest you can deduct is if you have a business and have a room used exclusively and regularly for business purposes. Then you can take some of the utilities and maintenance.
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jareyn2002
|
I know of no tax deductions for the things you listed. As of now,and that could change, the only deduction for a home is the interest paid on the mortgage. |
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Judy1
 |
None of those is deductible for a home owner. For a business, they would be, but your home expenses are your own responsibility.
Rules for deductions are very different for businesses and individuals. A business can deduct its electric bill, for example - an individual can't.
MissDeviance's advice will get you in trouble. |
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travelguruette
|
Maintaining your home is not a deductible expense. IF you hire a housekeeper you must pay employment taxes and workers comp. Your home insurance company may provide the workers comp. If your housekeeper is injured in your home you can be sued so have the insurance. |
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oldnodd
|
depends where you live I guess because all those things would lower your taxes in Australia IF the house was an investment house and rented out - for 1 & 2.
Your private residence on the other hand doesn't bring those tax breaks until you sell it and can deduct expenses incurred from th e capital gains tax (if there is any which there wont be if you have lived there long enough) but if you sell in the first few years and do incurred tax then everything spend on increasing value can be deducted.
3 if you hired the right person ie there are breaks for those hiring the long term unemployed etc BUT you would have to pay their tax and it gets complicated which is why so many opt for contract workers who are responsible for their own tax payments. |
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MissDeviance
 |
None of the above!
The only tax breaks you can take are on home mortgage, and some very limited and pathetic tax breaks for energy efficiency improvements. (They are actually credits towards your overall net taxes, but they have a lifetime cap that is incredibly low.)
A good way to save taxes is to start a home-based business. For about $140 you can start a home-based corporation, and as long as you have INTENT and documentable evidence that you tried to make money with it, you have up to 3 years to show a profit. In the meantime, during each of those 3 years, you can spend whatever you want for that business and tax deduct it as a business expense.
If you make enough money to cover the expenses, it's essentially tax free income. If you can't make enough income via the business, hire yourself as an employee, force your employee (you) to pay for business-related expenses, and then your employee (you) can deduct 100% of those business-related expenses on the Schedule C. You DO NOT need to offset it with income!!!
But again, it needs to be a legitimate attempt to make money, so you HAVE to document everything and make a real attempt to generate income with it.
(BTW, this is how wealthy people do it. It's all 100% legal.)
Smart people start home-based businesses. You can cut your taxes by at least half. |
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sumbumblebee
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Home maintenence costs- including the ones you describe are not tax deductible unless you rent the home to someone else. Not only that, but if you hire a full-time housekeeper, you have to pay employment taxes.
The only thing that lowers your tax liability as a homeowner is your mortgage interest.
Depending on what state you live in, the state offers a few extra deductions- but that's only going to affect your state income tax (if your state even has an income tax). For instance, here in CA, we have a deduction for adding energy efficient doors and windows or solar panels to our homes.
Other ways to lower your tax liability would be maxing out your IRA contributions, giving to charity, putting down every medical expense if you had any large expenditures this year, estate planning costs are deductible, your safe deposit box is deductible, your tax prep costs are deductible, and so on.
But not much for homeowners as far as expenses go. |
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