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I HAD MY ROOF REPLACED IN 2016 WITH 30 YR SHINGLES. CAN THIS BE A DEDUCTIBLE ??
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I HAD MY ROOF REPLACED IN 2016 WITH 30 YR SHINGLES. CAN THIS BE A DEDUCTIBLE ??
Repairs, maintenance, and improvements to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
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I HAD MY ROOF REPLACED IN 2016 WITH 30 YR SHINGLES. CAN THIS BE A DEDUCTIBLE ??
Repairs, maintenance, and improvements to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
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