How do I claim the Multigenerational Home Renovation Tax Credit (MHRTC)?

by TurboTax• Updated 1 week ago

The multigenerational home renovation tax credit (MHRTC) helps pay for changes made to a home so that an older or disabled person can live near a family member.

The maximum allowable credit is 15% of qualifying renovation costs, up to $50,000. Meaning, if you qualified for the full credit, you’d receive $7,500.

Find out if you’re eligible by completing the checklist at who can claim. Find out if your expenses are eligible by completing the checklist at expenses you can claim.

Select your product and follow the instructions to claim the MHRTC in TurboTax.

TurboTax Online

Answer all the initial interview questions, if you haven’t already.
On the What happened for you in 2023?- do you have eligible expenses for a qualifying renovation that's eligible for the Multigenerational Home Renovation Tax Credit? screen, select Yes.
From the left menu, select Deductions, then Payments Profile, and then Multigenerational Home Renovation Tax Credit.
On theMultigenerational home renovation tax credit summary screen, select Add new.
On the Multigenerational home renovation tax credit eligibility screen, select Yes then select Continue.
On the Multigenerational home renovation tax credit expenses screen, add your renovation expense details, select Add and then select Continue.
On the Multigenerational home renovation tax credit summary screen, select Continue.
From the left menu select Deduction Summary, and under Refundable Tax Credits you’ll see your claim on the line for Multigenerational home renovation tax credit..

TurboTax Download

Answer all the initial interview questions, if you haven’t already.
On the What happened for you in 2023?- do you have eligible expenses for a qualifying renovation that's eligible for the Multigenerational Home Renovation Tax Credit? screen, select Yes.
From the left menu, select Deductions & Credits, then Payments profile, and then Multigenerational home renovation tax credit.
Complete the Multigenerational home renovation tax credit eligibility screen, and then select Continue.
On the Multigenerational home renovation expenditures screen, add your renovation expense details and then select Continue.
From the left side menu under Deductions & Credits, select Deductions summary. If you're eligible for the credit, you will see the amount of your claim under Federal Credits on the line for Multigenerational home renovation tax credit.