Clients who are homeowners often ask us how they can lower their tax liability. This answer is always complex, as you have to put in mind so many variables such as marital status, income, dependents, etc.
One of the recommendations we give for people who own homes that are at least eight years old is to simply fix it.
There are possible tax credits in repairing your home, and tax credits are better than deductions because that credit is a “dollar-for-dollar” reduction in what you owe, not a deduction on your overall income. This falls into what is called the Residential Energy