Getting a new roofing system can get costly. However, there are many ways to get tax deductions nowadays that can help offset these costs. This article will cover what you need to know about roofs and tax deductions.
Overview of Roofs and Tax Deductions
When done correctly, roof-related investments may be eligible for federal income tax deductions. It typically falls under Section 179 of the Internal Revenue Service (IRS), which allows establishments to deduct purchasing costs that would otherwise be written off over several years.
Alterations to your roofing can qualify as long as they are part of an exterior replacement and are made to improve or add substantial benefits such as better insulation, durability, and other practical considerations. However, regular maintenance investments like repairs do not typically allow homeowners any deductions based on these guidelines.
Tips for Claiming Roofs as Tax Deductions
It’s wise to consider the potential tax deductions when planning to get a replacement done by a reliable roofing company. Make sure to document all expenses thoroughly to get the most benefit from claiming roofs as tax deductions. This includes any receipts and other paperwork related to the purchase.
You need to keep records of purchases like roofing materials and labor costs separately in case the IRS requests specific information or conducts an audit. You will then have to declare these sums when filing your taxes. You’ll get your tax deductions if they meet the requirements outlined under Section 179.
At Roof Masters in Beltsville, MD, our customers should benefit as much from a high-quality exterior replacement as possible. Our Rockville, MD, roofers always ensure the job is done right. Give us a call at (301) 230-7663 to find out whether your residential roofing investment is eligible for a tax deduction. You can also fill out our convenient online form to get started.
