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The cost of building materials to build your new home is not deductible. Instead, it’s part of the cost basis of purchasing your home which you will use when you sell it.
But if you paid sales tax on the building materials, and you itemize your deductions, that may be deductible. You would add the sales tax to the general sales tax table amount for your area.Your total sales tax would have to be higher than your state and local income taxes. Plus, your total itemized deductions must be higher than the new increased 2018 Standard Deduction.
You would enter the amount from your receipts under Federal Taxes/Deductions and Credits.
I know your response is a couple years old, but it is the most relevant to my question.
Are you referring specifically to things like all propane appliances? (our situation) tankless water heater (propane). Or do you include actual home construction materials?
How can I determine or locate eligibility of what I can claim in my new construction?
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