All posts tagged remodeling

Are Electrical Repairs and Upgrades Tax Deductible?

electrical repairs and upgradesYou may be wondering if electrical repairs and upgrades are tax deductible. According to experts, if you only use your home for personal use, then the amount of the home repair is not tax deductible. You can however use the amount of the home improvement for your benefit. Here’s how it works:

Rules For Home Owners

According to IRS rules, if you made home improvements like kitchen remodeling or a room addition, you can add the cost of the expense to the base price of your home. For example, if you purchased your home for 200,000 and spent 30,000 on remodeling, then the base price of your home would go up to 230,000. When you sell your home, this would offset any capital gain you may have. In our example, if you sold your home for 250,000 then you would only have 20,000 in gains instead of 50,000. You may also qualify for exemption from those gains so it’s important to get all the facts before you file your taxes.

Rules For Home Businesses

If you use part of your home for business, the rules change and you can deduct some of the home improvements or all of them depending on where the improvement was made and how much of it benefits your business. If you remodel your kitchen or need electrical upgrades and you use your home in a business type situation, then the cost of the expense may be deducted. This is especially true if you are upgrading the electric in the part of the home that is your office. If the upgrade or electrical repair is an improvement to the entire home, the amount you can deduct is often based on the square footage of the office in your home or the portion you rent out. If however the expense is part of the office or part of the rental room, you may be able to deduct the full amount. You may also be able to depreciate the expenses similar to the way you would depreciate a building. Your accountant will be able to show you which rules apply to you and how to make the most of your tax situation.

Rules For Landlords

If you own rental property then you can claim all of your electrical repairs and upgrades as a tax deduction. There is a difference in the way you classify the expenses as an improvement or repair. If you choose to write off the expense as a repair, you can take the full amount as an expense in the year you claim it. If you classify the amount as an improvement, then you can depreciate the amount over many years.

A good tax attorney or accountant can show you the best way to write off your expenses and electrical repairs to offset your income.

Electrical repairs and Upgrades

If you need electrical repairs or upgrades, Rose Brothers and Sons Electric can help. We have experience with remodeling, electrical repairs and upgrades. Many of the home improvement you make, including electrical repairs and upgrades can affect your tax situation. When you need a good electrician in Cincinnati or Northern Kentucky, Rose Brothers and Sons Electric is the company to call. We specialize in all sorts of electrical projects from new construction to simple electrical repairs.

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Affordable Electrical Contractors in Northern Kentucky

affordable electrical contractors in Northern KentuckyIf you are looking for affordable electrical contractors in Northern Kentucky, Rose Brothers & Sons Electric is the team to call. You won’t find a more reliable electrical repair company in the area. If you have electrical repairs or electrical upgrades you need done, you can depend on the service Rose Brothers supplies.

Adding Electrical Service

If you need new electrical service or are looking for a Northern Kentucky electrical contractor, we can help. We have experience doing electric for new construction and for remodeling of both residential and commercial buildings.   We have a crew of highly skilled electricians who can ensure your job is done on time and on budget.

Electrical Repairs

A professional should handle electrical repairs, even if you consider the repair a simple one. You may think adding an extra electrical outlet in the garage is a simple task. Maybe you found a YouTube video to explain what you need to do. Believe me when I tell you, you don’t want mess around with electrical wiring if you don’t know what you’re doing. Maybe you can learn to play guitar on YouTube or you can learn to fix your toilet.  What’s the worst thing that could go wrong? You don’t play very good or you have to call a professional plumber.   On the other hand, if you mess up on putting in an extra electrical outlet, you could burn the house down.

Electrical Upgrades

If you live in an older house, you may want to consider electrical upgrades to ensure your house is wired properly and isn’t a hazard waiting to happen. If you need affordable electrical contractors in Northern Kentucky, Rose Brothers & Sons Electric is experienced, dependable and ready to help with all your electrical needs.

Hiring Affordable Electrical Contractors in Northern Kentucky

Hiring affordable electrical contractors in Northern Kentucky ensures that whatever the electrical project is, it will be done correctly and safely. When it comes time to have the house inspected, you won’t have to worry that the electrical service won’t pass the inspection because everything will be done right and up to code.

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