You’ve followed all of the rules in order to keep your family safe. You’ve even created a checklist to follow.
- Lock all the doors and windows at night.
- Don’t keep spare keys under a doormat or in the mailbox.
- Keep outside shrubbery trimmed.
- Place security lights around the home.
- Install a home security system.
Now that your protection is pretty much guaranteed, you’re wondering if your investment will be deducted at tax time.
Home Security Tax Deductions
If you’re clever, you will try to get every deduction you are allowed. Unfortunately, you cannot make deductions related to your home, such as maintenance, interest, property insurance, and home security alarms. Home security alarms are actually listed as a nondeductible expense. “However, you may be able to deduct expenses related to the business use of part of your home if you meet specific requirements.” The IRS has a list of requirements that will allow you to take a deduction for your home business.
- You must use your home exclusively and regularly as your business.
- It has to be a place where you hold business, meet clients, patients, or customers regularly and exclusively.
- It can be a separate space from your main residence, like a detached garage.
- Part of your home can be used for storing inventory or products.
- You can use it as a rental.
- Use your home as a daycare facility.
How to Get the Deduction
As long as you meet the criteria and the list of exclusive rules, you may be able to deduct the security and alarm monitoring system on your tax return. One of the rules details the proper usage of your security system. If it is used to protect your home and your home where you conduct your business exclusively and regularly, then the cost of the system may be taken as a deduction.
Exclusive Rules and Regulations
In order to receive a tax deduction, the part of your home that you use as an office must be separate from family usage. For example, if you conduct business out of your home office, then other family members should not use it for personal reasons.
Setting up a home-based business or are you in need of quality home security? Contact the professionals at ProtectAmerica.com. They can get you started with a free quote and give you information the right system that you will need for your home. Protect America is one of the top security companies that offer an updated system for better home surveillance. Options for wireless security cameras, smoke detection, window and door sensors, a touchscreen control panel, and a home automation system are available at economical pricing.