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Deductions & credits
You don't enter these expenses on your tax return. They are not tax deductible expenses. The only possible exception would be cost for energy saving improvements which could provide tax credits.
However, you should keep track of these renovation costs. Whenever you decide to sell your home, you will be able to include these costs in the basis of your home.
Please see the attached link for more details.
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‎February 28, 2024
6:46 PM