What You Need to Know About Roofs and Tax Deductions

As the weather gets warmer, more and more people are considering getting a new roof. This project will help improve your home’s curb appeal, energy efficiency, weather protection and value. Sometimes, you can even get tax deductions for your roof replacement project. Read on to learn more. 

Roof Replacement: Is It Tax Deductible?

Home improvements refer to upgrades that can increase a property’s value and longevity. Some projects that usually qualify for tax deduction include outdoor deck construction, kitchen remodeling, room additions and central AC installation. 

If you ask your roofing contractor if you can also get tax credits for replacing a roof, they will tell you that it depends on the situation. A roofing system with high-quality and energy-efficient components will increase the lifespan and value of your house. You may be eligible for tax deductions if you replace an old roof with certified asphalt shingles or metal roofing with special coatings or granules. These materials can reduce heat transfer and improve your home’s energy efficiency. However, you will not get tax credits for the labor costs associated with your roofing project. 

What if You Own a Home-Based Business?

Do you operate your business from home? If this is the case, you might qualify for tax deductions for your business-related expenses. For instance, if you are replacing the roof of your house, the roofing cost for the area where your office is located will be deducted from your taxes. 

Are you renting out some part of your property? If so, you can also get deductions for that area’s roof replacement cost. 

Whether you need a roof repair or replacement, it pays to hire reputable professionals. Choose Summit Roofing & Restoration, Inc. for quality workmanship and excellent customer service. Call us at (901) 430-1974 or complete our online form to get a free quote.