Home improvement Roof and Attic

[Baggi]

In Jan of 2022 I put a new roof on my house for about $8k.

This year, I'm having my attic cleaned of vermin and insulation cleaned out and new insulation blown in plus getting new duct work done for about $5500.

Can these things be deducted? Am I too late for the 2022 roof because I forgot about it when I did my taxes earlier this year?

This is my home I live in and own.

Thanks!

[VolvoGirl]

No you can't deduct them.   But they will add to your cost basis when you sell the house.  So keep track of them.  

[Baggi]

See, this is why I come here instead of Google. Because Google says, "

Is Roof Replacement Tax Deductible?

A roof replacement can fall under the category of home improvement if it meets the IRS criteria for a capital improvement. If your roof replacement increases your home's value, extends its useful life, or adapts it to a new use, it may qualify as a tax-deductible expense.

For example, if you replace an old, damaged roof with a new, energy-efficient roofing system, you are not only increasing the value of your home but also extending its useful life. In this case, the roof replacement could qualify as a tax-deductible capital improvement. However, it's essential to consult with a tax professional to determine whether your specific roof replacement qualifies for a tax deduction."

[Hal_Al]

Taxes are complicated.  

The statement "the roof replacement could qualify as a tax-deductible capital improvement" is true, but subject to interpretation.  It only means the cost can be deducted, when you sell the house in the future.  It cannot be deducted in the year you pay for the work.

Even when you sell the property, in the future, the word "deduct" is subject to interpretation.  You don't really take a typical tax deduction.  You add the cost to the cost basis of your home, when you calculate the capital gain on the sale.  Your capital gain will be reduced by the amount of the additional cost basis, thereby being a "deduction" from  your reported capital gain income. 

By the way, very few people pay capital gains/income  tax on the sale of their principal home. If you owned and lived in the home, at least 2 years, there is a $250,000 exclusion ($500,000 Married filing jointly) on the capital gain.  That is, the first $250,000 profit (capital gain) is tax free.  But, it's still a good idea to keep track of your home improvement costs, over the years.

[xmasbaby0]

No you cannot deduct these on your tax return.   Repairs and improvements to your own home are not deductible.  Certain expenses like the new roof and maybe the insulation may add to your cost basis for when you sell the home, so save your records and use the expenses then.   Cleaning out "vermin" cannot be claimed at all.