Where Can I Include My Home Renovation Bills On My Turbotax Return?

Home improvements, such as installing central air conditioning or replacing the roof, cannot be deducted in the year spent. However, if you keep track of these expenses, they can be claimed on your taxes. To do this, you need to enter the cost of capital improvements into your cost basis in the house. For example, if you’re making a home improvement in 2023, you can claim the expenses under the “Deductions and Credits” section of TurboTax.

Instead of logging into your Turbo Tax account and selecting the relevant tax year, navigate to the “Deductions and Credits” section and select “Your Home” from the “Your Home” section. Capital improvements add to the cost basis of your house, and repairs and improvements to your primary residence or second home are not deductible. However, property improvements can help reduce taxes.

Home office expenses and improvements will be entered under your Schedule C business along with other expenses. To claim home improvement expenses on your taxes, click on the “Federal Taxes” tab in TurboTax Home and Business and then “Deductions and Credits”. Home renovations typically do not qualify for federal tax deductions, but certain improvements may qualify for deductions and credits.

For property assets, you will select residential rental and use the full cost of the property, including capital improvements such as a new roof. By documenting home improvements meticulously and leveraging TurboTax’s user-friendly interface and support resources, you can maximize tax savings and maximize tax savings.