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Level 1
June 7, 2019
Solved

Can you deduct the cost of replacing your roof?

  • June 7, 2019
  • 1 reply
  • 12 views
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Best answer by Zbucklyo

The cost of replacing the roof is generally considered a capital investment, added to the cost basis of the house, and not deductible on your current year tax return.  By adding it to your cost basis, it may lower the capital gains tax you owe, if any, when you sell the house.

1 reply

ZbucklyoAnswer
Level 8
June 7, 2019

The cost of replacing the roof is generally considered a capital investment, added to the cost basis of the house, and not deductible on your current year tax return.  By adding it to your cost basis, it may lower the capital gains tax you owe, if any, when you sell the house.

Level 2
June 7, 2019
I paid 3K for a roof in the Fall of 2017 and sold my Rental Home (FL) on 3/1/18. I lived in it 2 out of last 5 years, so no capital gains.  Can I take anything off?