can i deduct expenses like workers comp insurance premium if i'm homeownr & contractor on remodel of my house

Keven Drumgole: You cannot deduct these costs as business expenses since you are not engaged in a separate business with the intention to make a profit. However, since you are remodeling your house, you can add all of these costs to your cost basis in your house, which will reduce your gain when you sell it. That will become relevant if your gain eventually exceeds the $250k/$500k exclusions for home sales.Note that many homeowners insurance policies already have workers comp policies built in. You may want to check with your insurance provider to see if you are paying for the same insurance twice....Show more

Ginny Trickett: too complicated a ?,,,better get a CPA...I doubt you can deduct it unless you are a lic contractor and claim to be a sole proprieter, however, if you work out of your home, you can claim and depreciate remodeling

Fred Caminita: sounds tricky a manuever by the licensed contractors to dissuade you from doing the work. id doubt that you c! ould deduct these sums from your normal income. perhaps they could go in as miscellaneous expenses