We just put a new roof on our house...is this tax deductible next year when we file?
2007-06-14 09:50:05 · 5 answers · asked by juda75 3 in Business & Finance ➔ Taxes ➔ United States
How much value do you think it will add? We had it done with 30 yr architectural shingles?
2007-06-14 09:55:52 · update #1
Add the new roof to the cost basis of the house. You need this information when you decide to sell the house.
For example, if you bought your house for $100,000 and paid $7,000 for the roof, then your new adjusted basis is now $107,000.
2007-06-14 15:18:45 · answer #1 · answered by Steve 6 · 1⤊ 0⤋
A new roof is considered maintenance of your property. There is no tax deduction whatsoever allowed for maintenance of a personal residence. You could only claim it if it were an uninsured casualty loss. (Result of a tornado, etc.)
Before you start thinking about claiming it that way, it raises a HUGE red flag with the IRS, and they will require documentation of such a situation in the area in which you live before they will allow such a deduction.
2007-06-14 11:03:18 · answer #2 · answered by acermill 7 · 0⤊ 2⤋
Improvements and/or repairs to your residence are never deductible.
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A Real Estate agent in your area could let you know how much the value of the home increase (if any) with the new roof.
2007-06-14 10:07:44 · answer #3 · answered by Wayne Z 7 · 1⤊ 1⤋
No, it adds to your homes value and is added to your basis.
2007-06-14 09:53:28 · answer #4 · answered by hirebookkeeper 6 · 3⤊ 0⤋
NO
2007-06-14 09:54:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋