Calculating the Tax Credit for the Restoration of a Secondary Residence
For 2018, the tax credit corresponds to 30% of the eligible repair expenses paid in 2018 for recognized repair work.
The maximum credit available for 2017 and 2018 is $15,000.
For 2018, you can only claim expenses paid by December 31, 2018.
The tax credit for the restoration of a secondary residence has two components: the repair component (2017 and 2018) and the post-disaster clean-up and preservation component (2017 only). If you paid post-disaster clean-up and preservation expenses in 2017, you may be entitled to this component for 2017 (certain conditions apply).
For more information about the post-disaster clean-up and preservation component, see the 2017 version of form TP‑1029.RE-V, Tax Credit for the Restoration of a Secondary Residence.