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We did a major renovation on our home purchase to include all new electrical wiring and added a master bath on-suite. Can any of these expenses be deducted from my taxes

 
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Fern
New Member

We did a major renovation on our home purchase to include all new electrical wiring and added a master bath on-suite. Can any of these expenses be deducted from my taxes

Most renovation costs are not tax deductible. However, if you have improved your home and extended the life of your home, you can add the cost of renovations to your basis.  When you go to sell the home, your cost basis will be higher and your gain on the sale will be lower.

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