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Your new roof for your residence is not tax deductible,
If you have a home office and use the actual cost method, you can add the depreciation portion of the new roof to your home office deduction.
Hello, I have a similar situation and need more clarity from your response below:
If you have a home office and use the actual cost method, you can add the depreciation portion of the new roof to your home office deduction.
I paid $20K for a new roof, am using the actual cost method such that a portion of all expenses are apportioned based on the square footage of the home used.
Where do I record the cost paid for the new roof?
Will the roof be depreciated?
Your assistance is appreciated.
You need to enter the cost of the new roof in the home office expenses section you will see when you enter your business expenses. The roof will be depreciated. You will need to choose Home Improvements on the screen that says Depreciation for your home office:
Enter the entire cost of the roof on the screen that say Tell Us About This Home Improvement, and indicate it is an improvement to the entire home. TurboTax will allocate the cost to your home office depending on the size of the office in relationship to the size of the house.
@SnmM37
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