There is no deduction for refinancing your personal residence or installing a new roof. The roof replacement is an improvement to the home and the cost would be added to the basis of the home when it is sold.
You can continue to deduct your mortgage interest, property taxes, mortgage insurance as itemized deductions on Schedule A, if needed.
Most taxpayers will not need to itemize due to the increases in the Standard Deduction for tax year 2018. Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2018
- Single - $12,000 add $1,600 if age 65 or older
- Married Filing Separately - $12,000 add $1,300 if age 65 or older
- Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
- Head of Household - $18,000 add $1,600 if age 65 or older
