The renovations become part of your basis in the home. Thus, it does not appear that you would be able to deduct the renovation expenses. Because you took care of your parents, you may qualify as Head of Household. The HoH filing status has a greater standard deduction that single or married filing separately. Here are the requirements for Head of Household:
Head of Household
You may be able to file as head of household if you meet all the following requirements.
You are unmarried or considered unmarried on the last day of the year.
You paid more than half the cost of keeping up a home for the year.
A qualifying person lived with you in the home for more than half the year (except for temporary absences, such as school). However, if the qualifying person is your dependent parent, your dependent parent doesn't have to live with you.
Here is a link to a TurboTax article that explains the Head of Household filing status.
A Guide to Filing Taxes as Head of Household
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