Although home improvements cannot be deducted, they may be depreciated, which is especially relevant for homeowners and property owners in the business of renting or leasing, as it can impact their income.
This simply means you deduct the expenditure over a period of time ranging from three to two and a half years, depending on the state’s tax laws and any applicable exceptions.
It is essential to keep receipts and records of these projects and consult a tax professional for guidance.… Read the rest
Student loan interest can quickly add up. That’s why the Federal government introduced the student loan interest tax deduction to help ordinary students out. If you made interest rate payments on your student loans during the tax year, you could deduct up to $2,500 in interest paid.