For your personal home, no. This is considered an improvement because it adds value or extends the useful life of the home or one of its systems (the plumbing and waste system). Improvements add to the cost basis of the property and may reduce your taxable capital gains when you sell, but aren't deductible now.
For business property or a rental home, the improvement is listed as an asset, and you depreciate the cost as a tax deduction over 27-1/2 or 40 years depending on the kind of property.
