That quantity is $12,550 for the 2021 tax 12 months for people, and twice that for married couples. Keep that in thoughts as you tally up your bills and prepare your taxes. We advocate speaking with a tax professional in your space earlier than beginning any home renovations. Specifically, it’s better to keep track of your bills as you incur them, quite than to have to assume back at tax time. You don’t wish to be monitoring down receipts that might be long gone.

Over the years, she and her architect husband have remodeled every of the homes they’ve owned. …