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My contractor indicates he believes I can deduct sales tax on full cost of a home renovation project (labor and materials). Is he correct?
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If your Contractor Invoiced you and indicated a Sales Tax Charge in that invoice you can deduct this portion of the Invoice as an Itemized Deduction in Schedule A. It is important to remember that Itemized Deductions are only beneficial if the sum of Itemized Deductions declared in Schedule A exceed the amount of the Standard deduction you entitled to according to your filing status. The amounts of the Standard Deduction this year are:
- Single $6,300.00
- Married Filing Joint or Qualified Widow(er) $12,600.00
- Married Filing Separate $6,300.00
- Head of Household $9300.00
- Dependent $1,050.00
I have attached a checklist of other common Itemized Deductions to this message for your reference.
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