Having your home’s roof repaired or replaced is a significant investment. The good news is that you can gain a significant amount of savings if your project is eligible for tax deductions. Whether you own a business or a residential property, it’s essential to understand how roofing work can be tax-deductible. Howard Roofing & Home Improvements explains more.
A home improvement tax deduction is an amount you can claim as a reduction on your taxable income when you file your taxes. When upgrading and maintaining the exterior of your property, understanding which expenses can be deducted from your taxes can help maximize the return on investment for improvements conducted.
Roof repairs are generally not considered a tax-deductible home improvement; a roof replacement, however, is. You are only eligible for a home improvement tax deduction on roof repairs and replacement under certain conditions. For simple roof repairs done by roofers where existing materials have been patched or replaced, deducting expenses may not be allowed. If your entire roof needs replacing, those costs may qualify as deductible expenses when you try to sell your house.
If you manage a business from your property in Missouri, roof repairs and replacements may be deducted as an expense for that business. But if the roof is on your residence, it will only qualify for deduction under certain circumstances. In either case, you must itemize deductions when filing taxes each year to enjoy a potential benefit associated with the deductibility of roofing expenses.
When considering roof repair or replacement, you must understand how such expenses may affect potential tax deductions. You will want to ensure that the roofing company provides warranties in writing and all work is completed according to local building code specifications.
Get in touch with Howard Roofing & Home Improvements if you need help with evaluating your property’s needs and services related to installation or repairs. Our professionals provide home improvement solutions that can offer maximum returns on investment. Call (636) 296-1057 today, or fill out our online contact form for a free quote. We serve residents in St. Louis and the surrounding MO areas.