From time to time we tend to carry out certain modifications and works at home to carry out improvements or changes. This is something quite common that also allows us to deduct a good amount of money in the following year’s income tax return, although it is not in all cases.
In this way, many citizens in our country take advantage of some savings to carry out renovations in their habitual residence that also allow them to save a few euros in their annual declaration to the Tax Agency. But now we will have the opportunity to take advantage even more of these advantages that Hacienda en la Renta offers us.
And from now on we will have the possibility of deducting more than one work or renovation that we do in our home if we meet a series of prerequisites. Basically, this means that we will have the possibility of saving on the Income Tax return for more than a year, something that many will appreciate.
With all this, what we want to tell you is that those citizens who have already deducted the cost of a home renovation in their personal income tax, will be able to benefit again from this tax advantage in the Income of another year with new reforms in the property. But for all this it is essential that a series of requirements be met that we are going to mention below, but which in these times are not at all difficult to meet.
Furthermore, depending on the magnitude of the reform that we are going to do, there is no doubt that we will be interested in knowing these advantages for the Income Tax return.
Requirements to deduct more than one reform from income
The vast majority of citizens in that country are forced to file their Income Tax declaration at the Tax Agency year after year. Hence, certain expenses are sought that can be deducted in order to save a few euros, which sometimes translate into many. In the case that we show you now regarding home renovations, to benefit from this more than once we have to meet these requirements.
First of all, we must keep in mind that the first renovation should have been carried out to improve the energy efficiency of the home. On the other hand, and in order to be able to deduct personal income tax again on another work, we must do it in a year different from the previous one. Basically, this means that we will not be able to carry out this process in the Income Tax return twice in the same year.
If we focus on the amounts that we can deduct, for example, if the renovation reduces the energy consumption of our home by 7%, we can save up to 20% of the cost in the declaration. But that’s not all, since in the event that the work reduces the energy consumption of our home by up to 30%, the deduction can reach up to 40% of the total cost of the renovation. Of course, the tax agency imposes a maximum limit of 7,500 euros.
