Homeowners with crumbling foundations will receive a major reprieve under a new ruling by the federal government concerning tax deductions. The homeowners who repair their homes will be allowed to deduct the entire cost of the repairs on their federal taxes for up to 20 years, officials said Tuesday....

Topics:  homeowners   deduct   cost   repairs   crumbling foundations   federal   
BING NEWS:
  • IRS Extends Deadline for Taxpayers in 2 States
    "The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief," the IRS said in a release at the time. "If an affected taxpayer receives a ...
    04/4/2024 - 10:17 pm | View Link
  • IRS Answers FAQs On Medical Costs Paid Under HSA, FSA, And HRA Plans
    The amount you can deduct as a medical expense is limited to the amount by which the cost of the special food exceeds the cost of a normal diet (Flemming v. Commissioner, T.C. Memo. 1980-583).
    03/17/2023 - 4:12 am | View Link
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