If I did some home renovation projects. Do I qualify for a home renovation tax deduction on the sales tax for the items I bought for the project?
You may qualify for a home renovation tax deduction on the sales tax for the materials you purchased. However, all of the following must apply:
- You’re claiming the deduction for state and local sales taxes instead of the deduction for state and local income taxes.
- You’re using the optional sales tax tables.
- It’s considered a substantial addition to or major renovation of the home.
Big ticket items are:
- Motor vehicles, like:
- Motor homes
- Recreational vehicles
- Sport utility vehicles (SUVs)
- Off-road vehicles
- Aircraft or boats
- Homes, like:
- Mobile home
- Prefabricated home
- Substantial addition or major renovation of the home
Determinar si puedes reclamar el crédito de taxes por ingreso del trabajo puede ser complicado. Los expertos en taxes de H&R Block pueden explicar cómo reunir los requisitos para el crédito por ingreso del trabajo.
Heard about a new rule that lets you apply 2019 income to your 2020 taxes? Find out what’s myth vs. reality for this recent change from H&R Block.
What are the qualifications for the retirement savings contribution credit or savers credit? Learn more from the experts at H&R Block.
Are you a wage earner in California? If so, you may owe California income tax. Learn more about California tax rates, based on your filing status and AGI.