Building renovations 2014, the Revenue Agency’s guide to tax breaks

Indietro| Building renovations 2014, the Revenue Agency’s guide to tax breaks

We have already dealt with building renovations for 2014 more than once, but now it is precisely to list all the tax benefits provided the Revenue Agency, through a special guide published directly on the official website.

Building renovations and tax deductions: a brief summary

The combination of building renovations and tax deductions has its roots in fairly recent times: it is in fact governed by Article 16-bis of Presidential Decree 917/86 (Consolidated income tax law). The facility was made permanent with Law Decree no. 201/2011 and included among the deductible charges from the Irpef. The matter has been updated several times over the years, and the most recent change is precisely the one provided for by the latest Stability Law.

Building renovations 2014: what has changed with the Stability Law?

Thanks to what some of us still remember as the old Finance Law, in fact, it was extended to 31 December 2014 the opportunity to take advantage of the greaterpersonal income tax deduction (50 percent) with the maximum spending limit of 96 thousand euros per property unit, also having a 40 percent deduction for expenses that will be incurred in 2015. Starting from 1st January 2016, instead, the deduction will return to the ordinary measure of 36 percent, with the limit of only 48 thousand euros per property unit.

Furniture bonuses and large appliances

Again thanks to the Stability Law, the possibility of take advantage of a 50 percent deduction for the purchase of furniture and large appliances of a class not lower than A + (A for ovens) intended for furnishing buildings undergoing renovation. Si potranno detrarre documented expenses incurred from 6 June 2013 until 31 December 2014,to be calculated on an amount not exceeding 10 thousand euros.

2014 building renovations: who can take advantage of the deductions?

All taxpayers subject to income tax, whether resident or not in the Italian state, will be able to take advantage of the deduction, and not just the owners of the propertybut also:

  • Naked owners
  • Owners of real right of enjoyment (usufruct, home, use, etc.)
  • Tenants or borrowers
  • Cooperative members
  • Individual entrepreneurs (for properties other than capital goods or commodities)
  • Subjects indicated in Article 5 of the Tuir

Building renovation and 10% VAT

Sulle provision of services relating to ordinary and extraordinary maintenance on residential properties, the application of aVAT rate reduced to 10 percent. The same subsidized regime is provided for all building recovery interventions, as:

  • Restoration
  • Conservative rehabilitation
  • Renovation

The 10 percent rate may also be applied to the purchase of goods necessary for the implementation of these interventions, with the exclusion of raw materials and semi-finished products.

To have a clear and complete reference framework on all the admitted interventions, the formalities necessary to be able to take advantage of the deductions provided and explanations on some particular issues, please refer directly to the guide on the Revenue Agency website.


di | 10 Febbraio 2014 – 10:00

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