It is that time of year again: Tax Season. We don’t exactly wait in a fainted breath to file them. However, most people do try every way to get as much back as they can on their taxes. Combing through charitable contributions and work receipts, we look for anything to give us an edge. Sometimes, that can lead to asking the obvious question, “Are tax breaks available for home improvement projects?” More specifically, “Are tax breaks available for a roof repair or a new roof installation?”
Short Answer: Depends.
Reroof or Roof Repair?
There will always be a catch when it comes to taxes. Unfortunately, home and roof installation are no different. In whatever tax year being filed, you cannot write off for all the money spent on a roofing contractor. However, there is some good news when going to sell your house. According to the IRS, the bigger your home’s basis, or the amount you paid for the house, the lower your tax bill. Guess what can improve your basis? Home improvement or that nice new residential roof.
Though not this home improvement:
Energy Efficient Roofing
If you are depressed about not being able to write off your potential roof project this year, there is an alternative. Certain energy efficient roofing products can allow you to write 10% of the project cost. However, you can’t exceed 500 dollars. Which is unfortunate considering all the money you paid the roofing company. For more information on these products, read this article.
If you wish to learn about other energy efficient building options, read this article: article.