23
Jan

Are Home Security Systems Tax Deductible

Published: Jan 23, 2016 at 08:00 UTC

With crime on the rise throughout the country and tax season right around the corner, it is time to consider buying a home security system. Although these systems can be somewhat expensive initially, they’ll prove to be exceptionally beneficial in the long run. Also, consumers should consider the other benefits associated with home security systems. Below, you will find information pertaining to all of these.

Home Insurance

When contemplating the need for a home security system, you should consider the cost of your home insurance. How much do your currently pay for insurance on your home? Would you like to be able to lower the cost by a good amount? If so, you should strongly consider adding a security system to your home. Many consumers will be able to decrease their home’s insurance by as much as 20% with the installation of a home security system. This is a substantial amount and will greatly alleviate the pain from the cost of the system and monthly fee.

Are Home Security Systems Tax Deductible?

Many homeowners will be interested in receiving a tax credit for their home security system. Unfortunately, this isn’t always possible. The majority of security systems will actually fall within the IRS’s list of nondeductible expenses. This is the case, if you only intend to protect your home and personal belongings. However, it is possible to get around this problem very easily.

If you happen to use your home, as a place of business, this can change. For instance, if you use your home as a childcare facility or home office, the security system can be tax deductible. In order for the system to be tax deductible, you must use your home as a workplace regularly and exclusively.

Overall Home Value

Whether or not you’re trying to sell your home, you should take advantage of every opportunity available to increase your home’s overall value. Thankfully, it is possible to kill two birds with a single stone in this particular category. How is this possible? Well, you just need to install a home security system. With a permanent security system installed in your home, buyers will be most tempted and your home’s value will increase.

Reassurance

Although monetary value is great, peace of mind and reassurance are even more important. You should never ignore your own peace of mind. Working throughout the night, without having to worry about your home, child and spouse, would be absolutely wonderful. With an effective home security system, this will become a possibility. Never ignore your own peace of mind, which can be elevated significantly with one of these systems. Remember that you cannot afford to overlook your home’s security.

Types of Home Security Investments

Remember it is possible to improve your home’s value and security in a number of different ways. These will be listed below for your convenience.

  • Install a home security system
  • Make the switch to deadbolts
  • Better reinforce exterior doors
  • Install exterior motion-detection lights
  • Surveillance cameras are vital

Conclusion

Home security systems can be tax deductible in some situations. Of course, the benefits associated with these devices are much more diverse. Above, you have explored these and you should understand their importance now.

 
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