Pretty much the subject line, I just had an electrician install my wall connector. Can I deduct this off my 2019 taxes as home improvement? Thanks to all the accountants out there. :)
Same deduction as any other home expense, so if you deduct home expenses on your taxes this would qualify.
I am not an accountant, but full refund of all fees paid if I am wrong.
Generally, if it is permanent, as in wired to the panel and screwed to the wall, then it is home improvement. If it is plugged in and can be easily removed, then it is personal property and not home improvement. It is much like comparing a chandelier vs plug-in lamp.
Under what circumstances can you deduct home improvement expenses (other than adjusting the cost basis of your home)?
EVRider, good question. I don't think the OP can realize any financial benefit until he sells his home.
Under the recent tax law changes, I think that HELOC interest can only be deducted if it was used for home improvements or repairs. Perhaps that is to what the original poster was referring.
Ask your accountant or just wait till you do your taxes.
Are you not going to install it if it's not a deductible item?
Thanks all. @Silver2K - it had just been installed when I originally posted this, just wanted to see how important the receipt was. Standard importance gets shoved away somewhere, very important as in 'I can deduct it off my taxes at the end of year' I would have made sure I didn't lose it.
@ALSET: If your home is just your personal residence (not used for business), you can’t deduct home improvement expenses from your US Federal taxes. If you sell the house, you can add home improvement expenses to the cost basis.