Are you thinking about renovating your second home? What tax benefits are currently available for renovation? Are there tax incentives for renovating a second home? The answer is yes. Currently, there are several highly advantageous opportunities available. Let’s explore together the renovation bonuses available for second homes and how to access them.
50% Renovation Bonus for Second Homes
The 50% Renovation Bonus is also available for those who want to renovate their second home. This corresponds to a 50% IRPEF tax deduction on renovation expenses, with a maximum ceiling of 96,000 euros. The tax benefit will be disbursed in 10 equal annual installments. To access this bonus, you must undertake:
- Building renovation works, ordinary and extraordinary maintenance, restoration and conservative renovation on residential property units of any cadastral category, including appurtenances and rural property units;
- Building renovation works, extraordinary maintenance, restoration and conservative renovation on condominiums.
The properties where the work is carried out must have a residential designation, whether they are primary or second homes makes no difference. Commercial premises are excluded from the 50% Renovation Bonus.
50% and 65% Ecobonus for Second Homes
When performing energy efficiency upgrades, you can benefit from the 50% and 65% Ecobonus even for second homes. The Ecobonus consists of an IRPEF tax deduction of 50% or 65% that will be disbursed in ten equal annual installments. In this case as well, there are no differences between work carried out on primary or second homes.
You will receive different tax benefits depending on the type of work being carried out. For example, you are entitled to a 50% deduction when carrying out work such as replacing winter air conditioning systems with systems equipped with class A condensing boilers, or with the purchase and installation of windows with frames and solar shading. The deduction can be increased to 65% when carrying out works such as replacing winter air conditioning systems with systems equipped with hybrid devices with integrated heat pumps and condensing boilers. This also applies to the installation of building automation devices, solar panels installation, and more.
Furniture Bonus for Second Homes
The Furniture and Appliances Bonus is a 50% IRPEF deduction on expenses for furnishing a property under renovation. The spending ceiling is 8,000 euros for 2023. In 2024, it will be reduced to 5,000 euros. The bonus will be disbursed annually in 10 equal installments. This tax benefit is also available for those carrying out renovation work on a second home. It is essential that the home being furnished is also the home undergoing renovation. However, it’s important to keep in mind that the purchased furniture doesn’t necessarily need to be placed in the same rooms being renovated. For example, you can renovate the bathroom while claiming deductions for kitchen furniture purchases.
Are you thinking about renovating your second home? Our experts will assist you through all phases of renovation, handling all bureaucratic matters and procedures related to tax benefits. Take advantage of all available tax benefits – call us now for a free, no-obligation site inspection and estimate for your property renovation.
