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Deductions & credits
why did you get an insurance payment? why was the roof replaced?
generally, a roof replaced due to deterioration on a personal residence is not deductible but what you paid out of pocket adds to its tax basis.
a roof destroyed by a disaster in a federally declared disaster area might qualify for a casualty loss deduction.
this deduction would likely be the decline in fair value of the home before and after the disaster reduced by any insurance recovery
a week ago