Tax deduction for apartment renovation
Posted: Tue Feb 18, 2025 10:43 am
A tax deduction is an opportunity to reduce expenses on certain categories of expenses. Such expenses include the purchase of housing, payment for medical and educational services, and some others. In this article, we will tell you how you can get a deduction for apartment renovation.
Is it possible to get a deduction for repairs?
When you buy residential real estate, you can use the right to a property deduction and return part of the money spent. The amount to which the benefit applies can include not only the cost of housing, but also the cost of finishing. To do this, you need to carefully document all expenses and submit the documents to the Federal Tax Service.
When is a tax deduction for apartment renovation due?
The benefit is provided in the following cases:
You buy real estate in a new building and directly from the developer.
The sales contract states that the living space is sold without finishing or with partial finishing.
If the finishing is partial, the sales contract must list the pakistan mobile database work performed.
If you buy a new building from a private individual, you will not be able to take advantage of the benefit. It also does not apply if you are renovating an old home or one purchased on the secondary market.
When preparing documents, you need to pay close attention to the wording. It is impossible to officially receive a tax deduction for apartment renovations - only for finishing. In the legislation, these concepts are strictly separated.
Is it possible to get a deduction for repairs?
When you buy residential real estate, you can use the right to a property deduction and return part of the money spent. The amount to which the benefit applies can include not only the cost of housing, but also the cost of finishing. To do this, you need to carefully document all expenses and submit the documents to the Federal Tax Service.
When is a tax deduction for apartment renovation due?
The benefit is provided in the following cases:
You buy real estate in a new building and directly from the developer.
The sales contract states that the living space is sold without finishing or with partial finishing.
If the finishing is partial, the sales contract must list the pakistan mobile database work performed.
If you buy a new building from a private individual, you will not be able to take advantage of the benefit. It also does not apply if you are renovating an old home or one purchased on the secondary market.
When preparing documents, you need to pay close attention to the wording. It is impossible to officially receive a tax deduction for apartment renovations - only for finishing. In the legislation, these concepts are strictly separated.