Replacing the stucco on your home would qualify as a home improvement.
Home improvements are not deductible, but if you make improvements which increase your home’s market value and/or extend its useful life such as your replaced stucco, you can add to the cost basis of your home, which may reduce the capital gain when you sell your property
So, you will want to keep the receipts for this project with your tax records.
In addition, you may be able to deduct the sales tax paid for building materials for a major improvement to the home if you itemize deductions and choose the sales tax deduction over state income taxes paid.
To enter sales taxes paid:
Enter sales taxes paid in the Search box located in the upper right of the program screen. Click on the Jump to sales taxes paid link.
Replacing the stucco on your home would qualify as a home improvement.
Home improvements are not deductible, but if you make improvements which increase your home’s market value and/or extend its useful life such as your replaced stucco, you can add to the cost basis of your home, which may reduce the capital gain when you sell your property
So, you will want to keep the receipts for this project with your tax records.
In addition, you may be able to deduct the sales tax paid for building materials for a major improvement to the home if you itemize deductions and choose the sales tax deduction over state income taxes paid.
To enter sales taxes paid:
Enter sales taxes paid in the Search box located in the upper right of the program screen. Click on the Jump to sales taxes paid link.