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bgjeff
New Member

Can I deduct a new roof that cost $29,000.00 because in CA my homeowners insurance was going to be cancelled if i did not get a new roof?

This would be for year 2024 filing.
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1 Reply
MindyB
Expert Alumni

Can I deduct a new roof that cost $29,000.00 because in CA my homeowners insurance was going to be cancelled if i did not get a new roof?

No. There's no deduction for a roof, unless it's for a rental property, then you can depreciate it.

 

Improvements to increase value of a personal residence aren't deductible.

 

However, keep the receipt as the improvement increases your cost basis, which can lower your capital gain if you have one when you sell the house.

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