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Anything I can do for tax breaks next year while building a house?
Posted on 3/20/15 at 10:01 pm
Posted on 3/20/15 at 10:01 pm
We just broke ground, and the house should be finished by September. Is there anything that I should do so that I can have write offs next year? Or am I completely nuts for thinking this is possible?
Posted on 3/22/15 at 12:16 pm to HoLeInOnEr05
If you are subbing out yourself and pay for all materials directly, you can deduct the sales tax.
Eta: this is a year where your sales tax should exceed state income tax. You can deduct sales tax for everything you purchase directly.
Eta: this is a year where your sales tax should exceed state income tax. You can deduct sales tax for everything you purchase directly.
This post was edited on 3/22/15 at 12:19 pm
Posted on 3/22/15 at 3:06 pm to HoLeInOnEr05
Look at what qualifies for energy credits - windows, doors, heating/cooling units etc.
Posted on 3/22/15 at 4:59 pm to swanny297
Construction loan counts as mortgage interest too, right
Posted on 3/22/15 at 7:15 pm to Rev1897
Put everything on a credit card, for the points! But really it lets everything ride for a month. It helps when a sub wants his pay, but the bank hasn't given you your draw for his work done.
Posted on 3/22/15 at 8:57 pm to Rust Cohle
I don't know that financing any part of new home construction via credit card is solid advice regardless of the potential awards. Just my opinion.
Posted on 3/23/15 at 10:25 am to Jabstep
quote:
I don't know that financing any part of new home construction via credit card is solid advice regardless of the potential awards. Just my opinion.
He wouldn't be financing his new home construction via credit card...merely using the CC as the purchasing device which will be paid off using draws from the construction loan (the actual financed portion). As long as his overall credit utilization isn't too high, this is a great strategy to earn points/rewards from a CC.
Dunno what the OP thinks he can "write off" regarding new home construction. A dedicated home office (used for no other purpose) can help you to qualify for a home office deduction (though a bunch of other rules apply to the HO deduction).
Posted on 3/23/15 at 3:34 pm to hungryone
quote:
hungryone
quote:
He wouldn't be financing his new home construction via credit card...merely using the CC as the purchasing device which will be paid off using draws from the construction loan (the actual financed portion). As long as his overall credit utilization isn't too high, this is a great strategy to earn points/rewards from a CC. Dunno what the OP thinks he can "write off" regarding new home construction. A dedicated home office (used for no other purpose) can help you to qualify for a home office deduction (though a bunch of other rules apply to the HO deduction).
It takes discipline that the majority of folks simply don't have. But its a really solid strategy if you've got the draws coming in and you want to keep the subs moving and happy, which is key.
Posted on 3/23/15 at 4:14 pm to GFunk
quote:
It takes discipline that the majority of folks simply don't have.
Over and over again, this is the litany I hear on this board: most people can't handle credit cards. Yes, some people do get into trouble. But if the OP's credit is solid enough to qualify for a construction loan, then his credit obviously isn't a shambles. So he must be managing things adequately, no?
The whole "fear of credit card" mantra is getting old. Almost as tedious as the constant refrain on this board about women being terrible with money. Generalizations and sweeping blanket statements.....
Information/data/knowledge is the antidote for fear. Don't blindly adhere to the "avoid CC" foolishness if you actually possess self control and planning skills.
Posted on 3/23/15 at 4:20 pm to HoLeInOnEr05
PAY YOUR FAIR SHARE DEADBEAT
Just kidding, good luck on the house.
Just kidding, good luck on the house.
This post was edited on 3/23/15 at 4:21 pm
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