BillM223
Employee Tax Expert

Deductions & credits

The new roof does not qualify for any tax advantage, unless it is "Any metal roof with appropriate pigmented coatings or asphalt roof with appropriate cooling granules that are specifically and primarily designed to reduce the heat gain of your home." See Instructions for form 5695

 

Otherwise, as Minh says, the cost of the new roof is added to your basis in the house, which you keep track of until the day you sell it.

 

As for the skylights, they too may qualify for the Nonbusiness Energy Property Credit. Please do the following:

 

  • Go to Deductions & Credits
  • Go to subheading Your Home or Home
  • Click on Start or Update for Home Energy Credits
  • Go through the interview

 

This will create form 5695 and add it to your return.

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