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jstephens777
New Member

Does a new roof go anywhere on the tax form?

 
1 Best answer

Accepted Solutions
jerry2000
Alumni

Does a new roof go anywhere on the tax form?

For your personal residence, no.
Repairs, maintenance, and improvements  to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf

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2 Replies
jerry2000
Alumni

Does a new roof go anywhere on the tax form?

For your personal residence, no.
Repairs, maintenance, and improvements  to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
MinhT
Expert Alumni

Does a new roof go anywhere on the tax form?

The cost of a new roof on your residential home is not deductible.

It is added to the cost basis of your home and you'll get the benefit when you sell your home as it will reduce your capital gain.

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