@mysgyn wrote:
I'm self-employed and have an at home business. A roof was listed as one of the things that you could list for home repairs and improvements. And then it would take the portion or percentage of the house. But then when I got to assets it also listed the roof as an example...
A repair restores the property to as-was condition or maintains it in its current condition, like repairing a hole caused by a tree branch falling on the roof. An improvement is something that increases the value of the property or extends the useful life of the home or one of it's subsystems. A replacement roof (new 15-year shingles, etc.) is an improvement that increases the value of the property or extends the useful life of the roof.
As an improvement, the value is added to your home's cost basis, which may reduce your capital gains when you sell. Then, you can deduct depreciation on the portion of the roof allocated to the home office over 39 years.
