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Robbin11
New Member

Can I claim our new primary homes full renovation expensives under "Major Purchases" "Building materials"?

Is a  primary homes full renovation expensives deductible?
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1 Reply
RobertB4444
Expert Alumni

Can I claim our new primary homes full renovation expensives under "Major Purchases" "Building materials"?

No.  You can't deduct improvements to your primary residence.

 

However, when you do make renovations or improvements they add to the basis of your home.  The basis is the amount that you paid for it.  When you sell your house you subtract the basis from the sale price in order to figure out the profit that can be taxable.  Your renovations reduce that amount.  So do save the receipts for when you sell the place some day.

 

@Robbin11 

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