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April 15, 2024
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Labor cost deduction on my house that I am general contractor of as my business

  • April 15, 2024
  • 1 reply
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Can I deduct the labor cost of my basement finish if I am the general contractor listed and I am a framing contractor as my business for last 20 years.

    Best answer by DawnC

    Wages you pay to employees are deductible on your business return.   If you file Schedule C, those expenses are entered in Common Business Expenses.

     

    1 reply

    April 15, 2024

    No, this renovation is a personal expense on your own home that is not tax deductible (unless it was for medical reasons).

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    leeloo
    April 15, 2024

    Absolutely not. Your own labor is never a consideration.

    DawnC
    DawnCAnswer
    Employee
    April 15, 2024

    Wages you pay to employees are deductible on your business return.   If you file Schedule C, those expenses are entered in Common Business Expenses.

     

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