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If you're thinking about renovating your home and outfitting it with new furniture, 2023 could be the right year to do it. Thanks to the Building Restructuring Bonus and the Furniture Bonus, in fact, you can benefit from tax breaks that make home improvement work much more convenient. This guide is strictly related to Italian Regulation, therefore any instructions pertains to activities carried out locally. Let's see how.
First of all, there are some things you can do to maximize the benefits of the Renovation Bonus and the Furniture Bonus:
- Start planning your renovation project early. This will give you time to find qualified contractors and search for the best deals on furniture and appliances;
- Make sure that the jobs you will do or are doing are eligible for the Restructuring Bonus, as not everyone is eligible for the tax benefit;
- Keep all receipts for renovations and for furniture and appliances. You will need these receipts to access the bonuses;
- File your tax return on time. The deadline for requesting the Restructuring Bonus and the Furniture Bonus is 31 December 2024.
Restructuring Bonus 2023: how it works and who can benefit from it
The Building Restructuring Bonus is a tax incentive that allows you to obtain a 50% deduction on the IRPEF of the expenses incurred for the recovery of the building heritage. This facility was introduced with the aim of encouraging the redevelopment of homes and improving the Italian building stock.
To obtain the Restructuring Bonus it is necessary to be subject to the payment of income tax, regardless of residence in Italy. Beneficiaries include property owners, bare owners, lessees, bailees, entrepreneurs of sole proprietorships, members of cooperatives, holders of usufruct, use, surface or dwelling and associated income producers.
The 50% deduction can be applied to expenses incurred for extraordinary maintenance, restoration and conservative rehabilitation, as well as building renovation. It is important to underline that the Restructuring Bonus is valid for a maximum of 96,000 euros per real estate unit and is spread over ten years.
The permitted works include extraordinary maintenance, restoration and conservative rehabilitation and building renovation. However, ordinary maintenance work is not eligible for tax deductions, unless it is part of a larger renovation project.
It is important to keep in mind that the Renovation Bonus is valid for expenses made between 26 June 2012 and 31 December 2024. Therefore, if you are planning to carry out renovation work on your home, make sure you respect the period of validity of the incentive.
Furniture Bonus 2023: how it works and what are the spending limits
In addition to the Restructuring Bonus, there is another tax relief which concerns the purchase of furniture and large appliances to furnish the properties subject to eligible interventions for the recovery of the building heritage. This is the Furniture Bonus.
The Furniture Bonus offers a 50% deduction on expenses incurred for the purchase of furniture and appliances, with spending limits that vary according to the year. In detail:
- 16,000 euros for 2021
- 10,000 euros for 2022
- 8,000 euros for 2023
- 5,000 euros for 2024
It is important to note that the Furniture Bonus is linked to the Renovation Bonus. This means that the costs for the purchase of the furniture must be incurred within the period of execution of the interventions in the property object of the works. The effective date of payment of the construction works does not matter, but it is essential to respect the execution times of the interventions.
How to request the Building Restructuring Bonus and the Furniture Bonus
For both concessions, the tax deduction is the main method and is divided into 10 annual installments of the same amount. Be careful though, because there are differences in the request options:
- Restructuring Bonus: direct deduction in the tax return is the most common method. The expenses incurred for the works must be adequately documented, and the communication and the deadline for sending the documents are established by 16 March 2024 if the works started in 2023.
- Furniture Bonus: the direct deduction in the tax return is the only method available, since it is not possible to opt for the transfer of credit or the discount on the invoice. The expenses for the purchase of the furniture must be adequately documented and are subject to the same terms for sending the documents envisaged for the Restructuring Bonus.
In conclusion
Since this is a rather complex issue that often sees regulatory updates and changes, it is important to always check through official sources such as the Revenue Agency and Confcommercio and request the advice of a qualified professional who will guarantee compliance with current regulations and will be able to give indications for the correct documentation and bonus request procedure.
Sources: Money.it - Edilizia.com - Patronato.com