What You Need to Know About Roofs and Tax Deductions

A roof replacement is a significant investment that can improve the look and value of your home. Before you begin, however, one factor to consider is the potential for tax deductions. Whether installing a new roof or making roof repairs, you can qualify for various tax deductions. Some of the most common cases include energy efficiency upgrades, such as solar panels, other green technologies, and major repairs due to weather damage. Deductible projects can vary greatly depending on where you live and your specific situation.

Ensuring you meet all qualifications can help qualify your roofing expenses as deductible during your next annual filing. To learn more about tax deductions for your roofing project, V. Nanfito Roofing & Siding, Inc. shares an insightful guide.

Qualifying Roofs

Tax deductions for roofs are typically available to homeowners or property owners. To qualify for a deduction, make sure your roof is installed after December 31st, 2017, and should adhere to all applicable local building codes. Depending on your specific city and state, additional fees may be required to keep the structure up-to-date with safety and property regulations.

Deductions for Installation and Repair

Most roof installations and repairs generally qualify for deductions from the Internal Revenue Service (IRS). In some cases, however, these amounts may be limited. For example, you only get a tax break when replacing or installing roofs if you itemize your taxes. This means putting down your deductible expenses separately instead of receiving the standard deduction. Talk to a tax specialist about any limitations for filing before proceeding with an installation or repair.

Eligibility Requirements

Tax deductions for roofs mainly apply to residential buildings classified as primary residences. To qualify, the owner should not rent or use their residence as a business property. Other eligibility requirements also vary depending on where you live and the type of materials used in the installation or repair process.

Necessary Documents

Taxpayers are advised to keep all applicable documents related to roof repair or replacement work when filing taxes. These include purchase orders, receipts from a roofing contractor for new or renovated roofs, and bills of lading for equipment used in the installation process (e.g., cabinets, insulation).

In addition, taxpayers should also collect any documents showing unreimbursed repairs due to natural events such as hail storms or high winds. This paperwork is essential for income tax deductions and can help reduce your overall payments owed during filing season.

Tax deductions for roof installations and repairs can vary greatly. By understanding your eligibility requirements and keeping all necessary documents on hand, you can properly obtain a deduction during filing season. For your installation or repair needs in Meriden, CT, trust the roofing professionals at V. Nanfito Roofing & Siding, Inc. Call us today at (203) 639-1634, or fill out our contact form to get started on your project!