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Did you know that home staging services are Tax Deductible? Well Leanne Zumbrunnen of Z' Touch Property Merchandising discovered this great Tax Tip for home sellers that could give you an edge when trying to sell your services ...
I have often heard/read "refer to IRS form 523 for more details about Staging services as tax right off."
I have also heard that any home improvements made close to the sale of the house could be used as a tax write off. Eureka! I actually found a legal website that confirms just that!
This wonderful bit of information came from NOLO - Legal Solutions for You and Your Family website. The full article is titled: Your Home as a Tax Shelter: Top Ten Tax Deductions for Owning Your Home. Check out #7.
If you decide to sell your home, you'll be able to reduce your taxable capital gain by the amount of your selling costs.
Real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs. In addition, the IRS recognizes that costs ordinarily attributed to decorating or repairs -- painting, wallpapering, planting flowers, maintenance, and the like -- are also selling costs if you complete them within 90 days of your sale and with the intention of making the home more saleable.
All selling costs are deducted from your gain. Your gain is your home's selling price, minus deductible closing costs, selling costs, and your tax basis in the property. (Your basis is the original purchase price, plus the cost of capital improvements, minus any depreciation.)
This is great to forward onto clients or simply to add this link to your website. You can find the complete article at http://www.nolo.com/legal-encyclopedia/homeowner-tax-deductions-29693.html. Also you can find IRS form 523 at http://www.irs.gov/pub/irs-pdf/p523.pdf.
As always, it is still best to consult your tax advisor for the most up to date information!