It depends on how you record the information in your return. Here is the correct sequence of steps.
- Go to federal>deductions and credits
- Your home>home energy credits
- Answer the preliminary questions
- When you get to a screen that says Tell us How Much you Paid for energy-Savings Improvements enter the cost of the materials for the roof under Metal or Asphalt Roof. You will not enter the costs of assembly, preparation, or installation of the roof, only the materials.
- For the insurance reimbursement, determine the pro-rata share of the cost materials in relationship to the other costs and deduct that portion from the cost since you were reimbursed for it.
- Once done, you will be given a credit of 10 percent of the cost of qualifying materials, up to a maximum of $500 credit.
- Just remember, you will enter the amount you paid for a metal roof with appropriate pigmented coatings, or asphalt roof with appropriate cooling granules specifically designed to reduce the heat loss or gain of your home. Roof coatings are not eligible.
@vldrm
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