The latest news is that Congress has passed legislation to avoid the ?fiscal cliff? we have all heard so much about in December. ?The specifics of the deal are something most of us won?t watch the details of too closely, but aside from the tax rates and program benefits included, one other item that impacts residents of Washington State should be brought to your attention.
Did you embark upon a major home improvement project in 2012 or do you have plans for one in 2013? ?Included in the deal struck by the Senate and approved by the House includes a sales tax exemption for states that have a sales tax but no income tax. ?What this means for Lakeville?s client?s is that the work you?ve had us do on your primary residence, you?ll be able to deduct the Washington state sales tax against your federal income tax, outside of the standard chart (if previous rules apply). ?Say you built a $20,000 outdoor room last year. ?That means you?ll have almost $2000 of additional deductions from that project because of sales tax paid. ?And if you are working on a custom home, the numbers of course get bigger and have a greater impact.
Reminder: I build homes, I don?t do taxes?so please consult your tax professional for verification, application and advice on tax matters.
If you need copies of your 2012 invoices, please do not hesitate to contact our office. ?We are happy to provide the paperwork required.
And of course, for those with 2013 projects underway, this might just mean a little more wiggle room in your construction budget. ?Happy New Year, indeed!
Jamie Hsu is President of?Lakeville Homes, a quality custom home builder and remodeler in the Seattle area since 1985.? For additional information specific to your home construction or remodel project, please contact us at www.lakevillehomes.com.
Source: http://lakevillehomes.com/fiscal-cliff-deal-and-your-home-improvement-project/
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