Tax Season Hot Tip!

Yes, it’s that time again. Most of us are groaning right about now. Either because of the process or the thought of being unprepared for tax season. But hopefully, most of you have already taken care of this necessary deed and it’s behind you until next year!
Just wanted to give a couple of tips relating to staging and selling your home in regards to tax season. Because the IRS considers professional staging as an advertising expense when putting your home on the market, the fees for staging services are tax deductible! Just subtract the fees of staging from the proceeds of the home sale. Some things to factor into including this information with your tax filing…

• ​The staging fees need to be for the sole purpose of selling your home.
• The fees are not deductible if you have the home staged, taken off the market, then back on.
• Costs such as paint, repairs, new carpet, etc are not included in this deduction.
• Furniture, accessories, etc are only included in this deduction if they are rented from the stager and returned to the stager at the end of the staging agreement. Any of these kind of items that are purchased by the home owner during the staging process are not considered to be deductible because they are most likely going to be taken with the home owner after the move.

So if you had your home professionally staged in 2017 get on this deduction! And if you are selling this year plan to keep your professional staging receipt to add to your tax file for next year when you’re filing! YEAH!