We bought a new home this year, 2015. We bought flooring materials to install in our home with money not included in the purchase of the home. We then paid a contractor to install it. The contractor also had additional materials used for the installation, which they provided (a lot of leveler was required). What part or parts of this may be entered for a deduction, such as on sales tax? I looked at P530 and it lists flooring, amongst other items, but I am unsure how to use the materials and labor for a deduction, and whether it is allowed as an additional sales tax deduction, and how to enter it.
Assuming that you purchased this new home as your residence, you can't deduct the flooring costs of the improvements except for the sales tax if you choose to deduct sales tax instead of state and local taxes.
While you might not have any tax consequence when you sell the home, it is still a good idea to keep receipts for your major improvements with your permanent records.
Assuming that you purchased this new home as your residence, you can't deduct the flooring costs of the improvements except for the sales tax if you choose to deduct sales tax instead of state and local taxes.
While you might not have any tax consequence when you sell the home, it is still a good idea to keep receipts for your major improvements with your permanent records.