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wtfisher2001
New Member

New roof on house

we got a new roof in october 2016  does that quailfy
5 Replies
MinhT
Expert Alumni

New roof on house

The cost of your new roof is not tax deductible.

It is added to the cost basis of your home.

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jh2
Level 2

New roof on house

Where do you enter the "cost basis" of the home? I also added a new roof in 2016 and was going to add it as an asset (real estate property) and depreciate it for 27.5 yrs ... Is that not correct?
MinhT
Expert Alumni

New roof on house

You do this for a rental home. The above question was for a residential home.
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dreiser1
New Member

New roof on house

I spent about 25K on a new roof and energy efficient skylights for my house. I'm all done with my taxes. I'm holding off on submitting this because I cant find where to enter this info. And I did my taxes the long way.

BillM223
Employee Tax Expert

New roof on house

The new roof does not qualify for any tax advantage, unless it is "Any metal roof with appropriate pigmented coatings or asphalt roof with appropriate cooling granules that are specifically and primarily designed to reduce the heat gain of your home." See Instructions for form 5695

 

Otherwise, as Minh says, the cost of the new roof is added to your basis in the house, which you keep track of until the day you sell it.

 

As for the skylights, they too may qualify for the Nonbusiness Energy Property Credit. Please do the following:

 

  • Go to Deductions & Credits
  • Go to subheading Your Home or Home
  • Click on Start or Update for Home Energy Credits
  • Go through the interview

 

This will create form 5695 and add it to your return.

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