Can I deduct the labor cost of my basement finish if I am the general contractor listed and I am a framing contractor as my business for last 20 years.
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Wages you pay to employees are deductible on your business return. If you file Schedule C, those expenses are entered in Common Business Expenses.
No, this renovation is a personal expense on your own home that is not tax deductible (unless it was for medical reasons).
Absolutely not. Your own labor is never a consideration.
Even though I hired and paid my own employee's to do the work on my basement?
Wages you pay to employees are deductible on your business return. If you file Schedule C, those expenses are entered in Common Business Expenses.
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