If this is your personal home and not a rental or business property that you own, then:
Replacing your air conditioner is not a tax-deductible expense. If it is a built-in part of the home (and not a temporary window unit) then the cost can be considered an improvement, which increases your cost basis and may reduce any capital gains tax that you owe when you sell the home. But it is not a current tax deduction. Keep records of all improvements for as long as you’re on the home +3 years after you sell.
Replacing a fence may be a repair or an improvement. The difference is that a repair restores your property to as-was condition, while an improvement adds value to the property, or extends the useful life of the property or one of its systems. Your fence would be considered a property system since it is permanently attached to the real property the land, so you will have to determine whether this was a repair or an improvement. If it is an improvement, it adds to the cost basis as I described before the air conditioner. If it is a repair, there are no tax benefits. Keeping your property in good condition is an expectation for every person and does not create a tax deduction.
Installing a shower in the bathroom is probably a property improvement and would follow the same rules as above.
You may be able to claim a casualty loss for the roof replacement. However, this is complicated and requires several steps.
First, the lost must be due to a federally declared natural disaster, such as a hurricane or other major storm. If there was no declared disaster for your loss, you cannot take a casualty loss deduction for the cost of the roof.
Second, you must make any insurance claims first. The amount of the loss is only the amount that was not covered by insurance. If you were covered by insurance but decided not to file a claim, your tax loss is still limited to the amount that would not have been covered by insurance if you had made a claim.
Third, the actual amount of the loss is not necessarily the cost of the repair. The amount of the loss is the amount that your property value decreased due to the damage. The repair cost can be considered a fair estimate of the lost value, but only if the repair is consistent with the character of the original condition of the home. For example, if you had a traditional asphalt shingle roof, and you replaced it with a heavy duty metal roof, then the cost of the replacement cannot be considered a fair estimate of the amount of your loss, because the replacement roof is significantly more valuable than the roof that you lost. You may need a real estate appraiser to help you determine the actual amount of your loss.
Finally, if you have a casualty loss, you may enter it on your income tax return but the only amount that would be a tax deduction is the amount left over after limiting the deduction by 10% of your income and taking a $500 deductible.
Suppose the loss occurred due to a federally declared hurricane, and you replace the roof with the similar type so you can use the cost as a fair estimate of the loss, and the cost of the roof repairs was $10,000 and you had no insurance. When you list the loss on your tax return, Turbotax will first apply a $500 deductible, reducing the deductible loss to $9500. Then suppose your taxable income is $80,000. 10% is $8000 which further reduces your actual deductible loss to a final figure of $1500.
Casualty losses are listed on the deductions and credits page, and TurboTax will do all the math for you if you enter the cost of your loss and if you meet the other qualifications.
