HBRA Helps Local Teen for National Remodeling Month
Community Builds Handicap Ramp May is National Remodeling Month and also Lyme Disease Awareness Month. In partnership with Amy’s Angels, the Home Builders and Remodelers Association of Central Connecticut has made a local family’s home handicap-accessible for their wheelchair-bound son. Two years ago, 10-year-old Troy Murphy suddenly contracted Lyme Disease and a series of other…
HBRA Builds Ramp for National Remodeling Month
Community Comes Together to Build Ramp May is National Remodeling Month and also Lyme Disease Awareness Month. The Home Builders and Remodelers Association has teamed up with a local organization called Amy’s Angels to help a 13-year-old boy battling Lyme Disease. Troy Murphy has been unable to leave his home for two years since contracting…
Interest on Home Equity Loans Often Still Deductible Under New Law
WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan,…
Energy and Home Owner Tax Credits Included in Budget Accord
As part of the Bipartisan Budget Act of 2018, which was signed into law on February 9, Congress retroactively extended a number of expired energy and home owner tax provisions. The following tax credits were reinstated on a retroactive basis for 2017 only: Section 45L Credit for Energy-Efficient New Homes: Provides a $2,000 tax credit…
HELOCS Deductible for Capital Improvements, IRS Says
In a victory for NAHB Remodelers, the IRS today issued a letter clarifying changes to home equity loans and lines of credit to confirm that households may take a tax deduction when these loans are used for home improvements. The tax law enacted in December cut the deduction for interest paid on home equity loans…