Are you thinking about renovating your home? This is an excellent time to do so, considering the tax benefits currently available for those who decide to start renovation and requalification works on a property. In recent years, tax bonuses have indeed represented an excellent opportunity for the renewal of Italian building heritage. Which tax incentives for renovation will be extended for 2024?
Building Bonuses Extended to 2024
The main building bonuses in effect in 2023 have also been confirmed for 2024. The 2022 Budget Law, namely Law No. 234 of December 30, 2021, has extended the validity of many tax bonuses for construction until December 31, 2024. Many of these will offer lower deductions compared to the previous year, but they will continue to represent an important opportunity for anyone interested in renovating a property.
The building bonuses extended to 2024 are as follows:
- 50% Renovation Bonus
- 70% Superbonus
- Seismic Bonus
- Eco-bonus
- Furniture Bonus
- Architectural Barriers Bonus
Let’s look at them in more detail and see how to access them.
50% Renovation Bonus
The 50% Renovation Bonus has been confirmed for the entire year 2024. This incentive allows an IRPEF deduction of 50% on expenses incurred for ordinary and extraordinary maintenance works on a property. The maximum spending limit is €96,000 for each property unit. The deduction will be divided into ten annual installments of equal amount.
70% Superbonus
The Superbonus remains in effect for 2024, but with a new value change. The Superbonus was initially set at 110%, then decreased to 90% in 2023. The planned deduction further decreases in 2024, dropping to 70%. Moreover, the incentive will only be available for renovation works on condominiums. However, there is an exception. The 110% Superbonus has been extended until December 31, 2024 for villas and single-family homes located in seismic crater areas. In 2025, the Superbonus will decrease to 65%. Unless there are further extensions, it will no longer be possible to request it from 2026 onwards.
2024 Seismic Bonus
The Seismic Bonus will also remain available throughout 2024. This tax incentive was created to encourage anti-seismic interventions on Italian real estate. The possibility of accessing this tax benefit is linked to the type of building to be renovated and the seismic zone in which it is located. The maximum spending limit is €96,000 for each property unit. The planned deductions are 80-85% depending on the improvement in seismic risk class. For anti-seismic works on condominiums, deductions ranging from 75% to 85% are provided.
50% Eco-bonus
The Eco-bonus has also been confirmed for 2024. This incentive promotes the replacement of windows and doors, solar shading, or biomass boilers. The bonus provides a 50% deduction on a maximum spending limit of €60,000. For condominiums, a 70% deduction is provided on a spending limit of €40,000 for thermal insulation works on common opaque parts with an impact greater than 25%.
2024 Furniture Bonus
The Furniture Bonus has also been confirmed for 2024. It still provides a 50% deduction for the purchase of furniture and appliances in case of renovation. However, the spending limit on which to calculate the deduction goes from €8,000 in 2023 to €5,000.
2024 Architectural Barriers Bonus
The Architectural Barriers Bonus has been extended until 2025. The Architectural Barriers Bonus will remain substantially unchanged for the next two years. It provides an IRPEF deduction of 75% on expenses incurred on a variable maximum amount ranging from €30,000 to €50,000, depending on the building on which the works are carried out. This is the only incentive that still allows the use of credit transfer and invoice discount.
Who is Entitled to Access the 2024 Home Bonuses
All IRPEF taxpayers who own a property, or who have the owner’s consent to carry out renovation works, can access the building renovation bonuses. It is essential that the possession of the property exists at the start of the works and is evidenced by a regularly registered deed, such as a lease or loan agreement.
How to Make Payments to Access the Bonuses
To access tax bonuses in the construction sector, it is essential that all payments made for goods and services are traceable. For this reason, they must be made through bank transfer, debit card, or credit card. It is not allowed to pay in cash or with bank checks. Expenses must be reported in detail.
Which Documents to Submit to Access the Bonuses
To access the bonuses, it will be necessary to submit the required documentation at the time of tax declaration, to an accountant or a CAF. Generally, the documentation includes:
- Receipts of the transfers made
- Proof of payment receipts
- The documentation of debit on the current account
- The invoices for the purchase of goods and services, indicating the nature, quality, and quantity of the purchases.
Depending on the tax bonus requested, additional documentation may be necessary. In some cases, it might be essential to submit specific certifications. In this regard, it is crucial to consult a technician who can provide all the necessary instructions.
Are you thinking about renovating and want to know more? By renovating with Domidea, our tax experts will handle all the bureaucratic aspects related to bonuses and deductions. Contact us now for a free, no-obligation site inspection. We are in Rome, Milan, Turin, and Florence, we look forward to seeing you!
