For many Floridians, facing hurricane threat annually is a harsh reality, which is why investing in hurricane shutters has become a top priority.
Picture this: Your home is fortified with top-notch hurricane shutters, ready to face any storm Florida throws your way. But wait—could these stalwart defenders also help you weather the storm of tax season? Are hurricane shutters tax deductible in Florida? Join us to explore whether your hurricane shutters can double as a tax deduction. Buckle up; it’s going to be a breezy ride!
Understanding Hurricane Shutters
Hurricane shutters are specially designed to help protect windows during storms and other severe weather conditions. They are made of metal, aluminum, and other study materials and installed over doors and windows to protect homes from wind and debris, reduce noise, and increase energy efficiency. These shutters are crucial to hurricane preparedness in Florida as they protect lives and properties.
What Is The Law Regarding Hurricane Shutters In Florida?
Homeowners and businesses in any Florida area where the basic wind velocity stands at 120 mph or above are subject to the hurricane shutter code, as are areas within one mile of the coast with wind speeds over 110 mph. According to the Florida building code, homeowners must use quality hurricane shutters to protect all exterior glass surfaces, including doors and windows. The shutters must be designed to take a particular pressure and load to ensure durability during a weather disaster.
These hurricane shutters must also be designed by a Florida-registered engineer or qualified architect and must have a seal of approval before being sold to customers. Due to their affordability, strength, and durability, aluminum-made hurricane shutters are most preferred in Florida and the southern Gulf Coast.
Are Hurricane Windows Tax Deductible In Florida?
Hurricane season in Florida generally lasts from June 1st to November 30th, which is why it is essential to be prepared.
But imagine spending at least $90 for each window in your home to protect your house from hurricanes; that’s a lot, right? So, how can taxes give you a soft landing when it comes to hurricane shutters in Florida?
While there is no specific state tax deduction for hurricane shutters in Florida because the state mainly relies on sales tax for revenue, and homeowners purchasing hurricane shutters are required to pay sales taxes when purchasing shutters, there are still some indirect ways to reduce tax bills related to hurricane shutters. These include:
Home Insurance Premiums
Home insurance premiums are an amazing way to offset the cost of hurricane shutters. Many insurance companies in Florida give discounts for homes equipped with hurricane mitigation measures, such as hurricane shutters. By installing hurricane shutters, you may be eligible for reduced insurance premiums, helping you save money in the long run.
Property Appraisal
One other indirect benefit of installing hurricane shutters is the impact they could have on your property insurance appraisal. When determining premiums, insurance companies assess risks associated with your property. By adding hurricane shutters to your property, you show that you’re committed to protecting your property, which gets you a more favorable insurance appraisal, thereby reducing your insurance costs.
Are There Federal Tax Deductions For Hurricane Shutters?
Unfortunately, hurricane shutters may not qualify for direct tax deductions. The IRS basically allows deductions related to home improvements that increase your property value or energy sufficiency. Although hurricane shutters enhance the security and safety of your property, they also don’t necessarily increase the market value or energy efficiency of your property.
Bottom Line
Protecting yourself, your family, and your home against the dangers of a hurricane is very important, and so is enjoying some tax benefits while at it. Although tax deductions for hurricane shutters in Florida are not exactly straightforward, it’s best to consult a tax expert to help you explore the legal loopholes and get back the money you’ve spent protecting your home.
Looking for more IRS-approved tax strategies to reduce your tax liability? Book a free 30-minute consultation with the Tax Goddess Team, and let’s show you how the tax magic works.
