In a normal case, you can deduct both the cost of the labor and the cost of the materials for your new fence. However, you can’t deduct the cost of your own labor- which means if you choose to DIY your fence you could miss out on some of the tax savings. There are also several other reasons why a DIY fence is a bad idea, so consider all factors before endeavoring to install a new fence yourself.
A quality fence is a wise investment for many reasons- including the potential to save money on your taxes. Whether the benefits are seen immediately or further in the future, all of these considerations are good to keep in mind. Consult with a tax professional before you embark on a project as potential tax savings. You can read more about tax deductions for home projects on the IRS website. Looking for more tax savings with your home improvement projects? Discover how your new driveway can be tax deductible.
