Remember that you can't just claim any old space like your home office, but you must meet some strict IRS requirements (i.e., improvements to a home office space are fully deductible, as long as 100 percent of that space is used exclusively as an office). Just remember that you'll probably have to depreciate them too, unless it's repairs. Although it's not directly related to renovations, it's important for homeowners to remember that they can deduct their property taxes on their returns. Now, remember that property tax won't appear on your W-4 form; people usually include their property tax in their mortgage payments, so only the bank or lender handles the money.
But if you itemize your deductions, it's certainly worth adding the property tax payments for the year in question to your cancellations. It's great that we can say something like home improvements don't involve any deductions, and then turn around and find 10 ways home improvements could reduce your tax liability. Give credit to the IRS for offering its myriad ways to make homeownership not such a bad business.
