Have you long been wishing to rebuild or renovate your home? Update it to the anti-seismic regulation? Make changes in your garden? You will find in this article a complete presentation of the bonuses available in Italy this year, 2020, along with a detailed list of the requirements and ways of using them. This will allow you to have tax deductions of 50% to 80%, depending on the requirements met. The tax deductions will be dispensed through reimburses to be discounted from future taxes, in several annual rates.
For example, one of our clients carried out renovation works on his home amounting to €60, 000 and he acquired €10,000 of furniture. He was able to use both the Restructuring bonus and the Furniture bonus, obtaining a total tax deduction of €35,000 (50% of €70,000), discounting this from future taxes, in 10 annual installments of €3,500 per year.
What is the restructuring bonus?
It is a bonus or extraordinary maintenance, restoration and renovation of the building unit.
What are the limits of the restructuring bonus?
The limits are expenses up to a maximum of €96,000.
What is the percentage of the deduction?
The deduction of 50% of the expenses must be divided into 10 equal annual installments.
What is the method of payment?
A bank transfer to the supplier, with a specific indication: Bonifico relativo a lavori edilizi che hanno diritto alla detrazione prevista dall’articolo 16-bis del Dpr 917/1986. Pagamento fattura n. ___ del ___ a favore di ___ partitia Iva ___ CF beneficiario detrazione ___.
What documents must be presented for the Income Statement?
Administrative documents regarding the type of work to be carried out (concession, authorization or communication of commencement of works). If these documents are not provided, a substitutive declaration confirming the start date of the works must be provided, in order to certify that the building renovation interventions put in place are among those that can be facilitated.
Invoices and tax receipts of the expenses
Payment transfer receipts