Knowing which home improvements qualify for tax deductions can help you plan your budget. Roof repairs and replacement can involve substantial costs. It isn’t uncommon for homeowners to ask if they can deduct the cost of these jobs from their annual taxes. Learn the answer from a trusted roofing and siding contractor.
Are Roof Repairs Tax-Deductible?
The Internal Revenue Service (IRS) defines home repairs as minor upgrades that won’t add considerable value and life to your property. These jobs are considered maintenance tasks. Addressing minor issues in your home, such as replacing damaged asphalt shingles, generally falls under home repairs. You won’t get tax deductions for them since they don’t increase your home’s value.
Is Roof Replacement Tax-Deductible?
Roof replacement is not tax-deductible if your property is a personal residence. The federal government considers this project a home improvement, meaning it doesn’t qualify for tax deductions.
However, if you rent out a part of your home, you can get tax deductions for getting a new roof for that area. If you operate your business from home, you can claim tax deductions for business-related expenses. You might be able to deduct the cost of reroofing your home office from your yearly taxes.
Choose a Dependable Contractor for Your Roofing Project
Home improvements, such as siding and roof replacement, are significant investments. Whether or not your project qualifies for tax deductions, you will save more money in the long run by working with dependable professionals. You can count on reputable contractors for superior products, excellent craftsmanship and comprehensive warranties.
You can ask your friends and family for contractor referrals. As much as possible, choose a local roofer for your project. Companies from your area are more knowledgeable about local building codes and regulations. They are also usually easier to communicate with, especially when issues arise during and after the job. Before hiring a roofer, check credentials, read reviews and ask for references.
Turn to Twin Cities Siding and Roofing for quality roof repair and replacement services. Our experienced team also installs James Hardie® siding. Call us at (651) 967-0873 or complete our online form to request a quote. We proudly serve clients around Minneapolis, MN.
