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nse2007
New Member

Can I wright off new roof?

 
2 Replies
Marketstar
Level 7

Can I wright off new roof?

If you are referring to your personal residence, a roof would not be deductible but would qualify as a home improvement.

A home improvement will add to the cost basis of your home, which may reduce the capital gain when you sell your property.

In addition, you may be able to deduct the sales tax paid for building materials for a major improvement to the home if you itemize deductions and choose the sales tax deduction over state income taxes paid.

To enter sales taxes paid:

Enter sales taxes paid in the Search box located in the upper right of the program screen.  Click on the Jump to sales taxes paid link.

Marketstar
Level 7

Can I wright off new roof?

Tiu will want to keep your home improvement receipts with your tax records.
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