The maximum amount of the credit score is $1,000 per tax yr and is calculated as 10% of the qualifying renovation expense (maximum $10,000 in expenses). The credit score is a refundable tax credit, which suggests if the credit score is greater than the taxes you owe, you’ll receive the distinction as a refund. For persons with disabilities and family members dwelling with them, renovation expenses must happen on or after February 17, 2016. Expenses made or incurred beneath an agreement entered into earlier than this date don’t qualify. Your builder is on the forefront of each side of your …