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When its time to file taxes, people want to claim as many deductions as possible. Home improvements are defined for tax purposes as work that increases the value of a home, extends its useful life or modifies it so it can be used for a new purpose. Examples include adding a new room, upgrading plumbing or electrical wiring, remodeling the kitchen or bathroom, replacing the roof, and adding a deck or walkway. Home improvements may be tax-deductible, but only in specific circumstances.

Home Used Exclusively as a Residence
If you only use your house as a residence, the costs of home improvements are not tax-deductible, but they may reduce the amount of taxes youll need to pay later when you sell your home. The basis is the amount of money you have invested in your home, including your down payment, mortgage payments and the cost of home improvements. Money spent on repairs is not included in the basis. Paying for home improvements now can increase your basis and may lower your tax bill down the road.

The basis is deducted from the sale price to calculate the amount of profit. The first $250,000 of profit from the sale of a primary residence is not taxable for a single person, and $500,000 is non-taxable for a married couple filing jointly, provided youve lived in the house for at least two years in the five-year period prior to the sale.

Home Used for Business or Rental Purposes
If you use part of your home for a purpose other than as a personal residence, you may be able to depreciate the costs of home improvements by deducting them from your taxable income over a period of several years.

If you run a business out of your home and use part of your house exclusively for that purpose, youll be able to deduct 100 percent of the money spent on home improvements that only affect that portion of the house, such as installing shelves or new carpeting in a home office. If you make improvements that affect the entire house, such as repairing the roof, you can deduct a percentage of the cost based on the percentage of the house thats dedicated to your business.

If you rent out part of your house, you can deduct the cost of home improvements from your rental income. If you make upgrades that only affect the room(s) you rent out, you can deduct the entire cost of those improvements. If you make renovations that improve the entire house, you can deduct a percentage of those costs that reflects the percentage of the house you rent out.

Financial Benefits of Home Improvements
Improvements you make to your home might save you thousands of dollars in taxes, but depending on how you use your house, you might not see those savings for many years. Keep receipts for all home improvements you make, and understand how they could affect your tax burden.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Published with permission from RISMedia.

Here’s how to make your garden a safer place for your pets.

Research Pet-Safe Plants

Harmful, toxic plants can cause drooling and heart or kidney failure. Check with your local veterinarian or garden store for a list of poisonous plants.

Fence Off Vegetables

Edible plants, like garlic, chives and onions, can be harmful to animals. Consider a hanging planter to keep your fur babies away from danger.

Avoid Cocoa Bean Mulch

Cocoa bean mulch is dangerous for animals to ingest, and many will be attracted to its sweet smell. Look for an all natural, pet-safe option at your local garden store.

Keep Pets Away From Fertilizers

When you fertilize your yard, keep your pet inside and follow precise watering and care instructions. When it is time to let them out, make sure the treated area is safe.

Avoid Rodent Poison

Find natural remedies for dealing with rodents and steer clear of any poisonous bates.

Published with permission from RISMedia.

Ants are among the most common pests found in homes across the U.S., climbing up walls or marching across kitchen counters. During the spring and summer, ants might try to invade your home, and fighting an infestation can be an uphill battle.

However, according to the National Pest Management Association (NPMA), there are five simple steps homeowners can take to prevent unwelcome ants from moving in.

1. Know the Popular Hangouts

Its probably not surprising to hear that ants most frequently infest kitchens. After all, kitchens are full of food and water”everything ants need to survive. Other common ant hangouts include bathrooms, bedrooms, living rooms, basements, inside walls, and in or around air conditioning and heating units.

2. Eliminate Water Sources

Reducing moisture and standing water around your home can significantly help prevent the appearance of ants. Repair leaky pipes, and routinely check under sinks for areas of moisture. Consider using a dehumidifier in damp basements, crawl spaces or attics. Outside, ensure that downspouts and gutters are functioning properly so that water flows away from the homes foundation.

3. Eliminate Food Sources

Keeping your kitchen tidy will help discourage ants from coming indoors. Wipe down counters and sweep floors regularly to eliminate crumbs and residue from spills. Store food in sealed containers, and keep ripe fruit in the refrigerator. Wipe down sticky jars, especially any containing honey, syrup or other sweets. Finally, use a lid on trashcans and dispose of garbage regularly.

4. Dont Discount Your Pets

Cats, dogs and other pets can inadvertently invite ants into your home. Their food and water bowls are an attractant for pests, so be sure to keep pet bowls clean and clean up any spilled food or water promptly. Store dry pet food in a sealed plastic container rather than the paper bag it often comes in, which can be easily accessed by ants. Inspect dog or cat doors to ensure pests cant get through. Remember that ants can fit through even the tiniest openings.

5. Block Off Access Points

Take time to inspect the outside of your home for easy access points. Trees and bushes should be trimmed away from the home, as branches can provide highways for ants to travel indoors. Seal any cracks and crevices on the outside of the home with silicone caulk, paying special attention to areas where utility pipes enter.

If you do find ants in your home, there are several consumer products and DIY treatments that might help you get rid of them. But the NPMA suggests contacting a licensed pest control company, which will be able to identify the ant species, spot likely entry points and determine an effective course of treatment.

Published with permission from RISMedia.

Published with permission from RISMedia.

You probably have a room in your house that doesnt get used much or is just acting as storage for your extra stuff. Empty nesters are especially prone to having a bedroom that is no longer used and has become messy and unorganized over time.

Rooms like these are an opportunity when selling a house. Presenting a room in a creative way can appeal to buyers who visit your home. Anyone buying a home is going to expect bedrooms, dens and living rooms, so transforming a spare room into something unique is sure to be noticed. Here are some ideas for turning that bonus room into something special quickly and without a high cost.

Recreation Room
Buyers with kids are sure to appreciate a room that promotes family time. While playrooms filled with toys are common, a room where everyone can gather and interact is a great idea. Put board games in the room and set up a table with a puzzle on it. Also include books, magazines and coloring books, but not a TV. Invite house hunters to work on the puzzle; kids who are spending the day looking at houses will jump at the opportunity, and that might translate to a positive experience for the parents.

Hobby Room
Rooms designed specifically for men and women are a popular trend, but why not create a space for everyone? Make the room a productive area where anyone can practice a hobby. Set up a sewing or knitting area, create a spot for a musical instrument with a music stand or turn the room into an artists’ or writers’ studio.

Family Office
Instead of a stuffy office, create a fun home work space. Set up a desk or table where family members can bring their laptops. Have papers, pens, pencils and other supplies handy. For the younger members of the household, set up a station with crayons, paste and construction paper. Have a shelf with dictionaries, reference books and almanacs.

Guest Room
Sure, many homes have guest rooms, but make yours one to envy. With a simple paint job and a small investment in quality bedding, you can turn a room into a luxurious space that is sure to catch the eyes of buyers who have out-of-town friends and relatives that might need to spend the weekend.

High-End Closet
Turning rooms into closets can be a major project, but it also can be done efficiently. Affordable shelving can hold shoes, hats, scarves, gloves and practically any type of clothing in an accessible and organized way. Racks can hold shirts, pants, suits and dresses. The idea is to create an appealing and organized space for clothing and accessories.

Published with permission from RISMedia.