Yes, you can write off home staging expenses! In fact, staging expenses are considered legitimate selling expenses by the IRS for both secondary and primary properties. This means that they are tax-deductible, which is great news for home sellers looking to maximize their profits. Here are some important points to keep in mind regarding writing off home staging expenses:
Staging expenses can only be written off if the property is being sold, not if it’s being rented.
Staging expenses can be deducted from the proceeds of the sale of the house, which will reduce the overall profits.
It’s important to keep detailed records of all staging expenses, including receipts and invoices.
Homeowners should consult with a tax professional to ensure they are deducting the staging expenses correctly and meeting all IRS requirements.
Ultimately, home staging can significantly increase the value and appeal of a property, making it a great investment for sellers. And the fact that staging expenses are tax-deductible is just another reason to consider this important aspect of the home-selling process.