The ROT Deduction - Higher Limit from July 1, 2024: A Golden Opportunity for Your Home Renovation

You haven't missed the significant change passed by the Swedish Parliament that may affect your future renovation projects, have you? Starting July 1, 2024, the limit for the ROT deduction will be increased, allowing you to get up to 75,000 SEK in both ROT and RUT deductions, provided you have enough tax to offset the reduction. This increase is valid until the end of the year and opens up new opportunities for those planning to improve their home.

Payment Date is Crucial

One important detail to keep an eye on is the payment date for your renovation work, as it determines how much you can get in tax deductions. For work paid before July 1, 2024, you can get a maximum of 50,000 SEK in ROT deductions. However, if you pay after this date, the deduction will be based on the new, higher amount. This means it may be financially beneficial to plan your payments carefully.

Impact on Your Tax Return

It's also important to be aware that this change may affect your preliminary tax withdrawal in next year's tax return. When you take advantage of the higher deductions, it can affect how much tax you have to pay preliminarily during the year. Therefore, it may be a good idea to consult with a tax expert or your accountant to understand how this may affect your specific situation and to avoid any surprises when it's time to file your tax return.

Plan Your Renovations

For those considering renovations, this is the perfect time to take action. Renovating your home can not only improve your living space but also increase the value of your property. With the higher ROT deduction limit, you can now carry out more extensive improvements without breaking the budget. Perhaps it's finally time to remodel the kitchen, renovate the bathroom, or even extend the house. The possibilities are many, and with the increased deductions, it becomes more financially manageable.

Contact Us at Notar

Do you have questions or need help with your housing plans? We at Notar are here to assist you. Our team of experienced real estate agents can help you navigate the process and provide the best advice to optimize your renovation and its value increase. We can also give you insights into the market and what types of renovations can give you the best return on your investment.

Summary

The increase in the ROT deduction limit from July 1, 2024, is a fantastic opportunity for those planning to renovate their home. By taking advantage of the higher deduction, you can carry out larger and more extensive projects, which not only improves your living space but can also increase the value of your property. Remember that the payment date is crucial for how much deduction you can get, and this change may affect your preliminary tax withdrawal.

Take the opportunity to plan and carry out your renovations before the end of the year to maximize your benefits. And don't hesitate to contact us at Notar for advice and assistance - we are here to make your housing journey as smooth and successful as possible.