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2020 could prove to be a particularly advantageous year for fixing up your home thanks to the tax breaks provided by the Government. The latest budget law has in fact confirmed the incentive measures established for 2019 with a deduction of up to 50% for major renovation work.
To access the contribution, however, you are required to respect a series of parameters regarding the type of work and the maximum spending limit, among other things.
If you think the time has come to renovate your home but you are not clear on how the contributions work, you are in the right place. Here's how the deductions for home renovations are reimbursed and some practical examples of deductions for a renovation..
Home bonus 2020 and 50% deduction on renovations
With the renovation bonus you are entitled to a reimbursement of expenses incurred for work relating to:
- all maintenance, restoration or renovation work carried out on individual properties or common areas of residential buildings;
- the repair of damage caused by natural disasters;
- work involving garages, garages and parking spaces;
- the removal of architectural barriers and, in general, the improvement of accessibility;
- the installation of measures to improve the security of the property with gates, grates, armored doors and safes;
- the reduction of the level of noise pollution.
In addition to these improvements, the legislation also includes many others, which you can learn more about in our guide to bonuses and incentives for home renovations 2020.
The contribution is recognized in the form of a tax reduction for interventions carried out by December 31, 2020. The maximum amount of expenditure for the work is set at €96,000. To access the incentive, the date of payment is valid, not the date of the invoice issued by the supplier. The deduction takes place over a ten-year period.