Have you been wondering if replacing or repairing your roof is tax deductible? On the one hand, repairing your roof and staying on budget is probably a good idea. But on the other, you might be able to save money by taking advantage of taxes.
At Arrowhead Roofing in Tulsa, OK, we understand how important these decisions are for customers like you. That said, we want to help guide you through your available options when it comes to home improvements that may impact your taxes.
What Is Tax Deductible?
Before jumping into the specifics of roof repair or replacement being tax deductible, it’s essential to understand what a tax deduction is. A tax deduction allows taxpayers to reduce their taxable income for that given year. In other words, when you take advantage of tax deductions such as roof repairs, you can reduce your reported income accordingly and pay less in taxes that year.
When Is Roof Repair Tax Deductible?
Suppose the repairs to your roof are considered non-income producing, such as storm damage roof repairs on a residential home. In that case, those expenses can be immediately deducted from your taxes in the year that they were completed. However, if you own a business or rent out a property with income potential through tenants and clients, any repair done on it is only tax deductible when it’s associated with maintenance costs related to housing long-term tenants or customers.
When Is Roof Replacement Tax Deductible?
Replacing a roof is very different from repairing one. Any tax deductions associated with replacing your roof in Tulsa, OK, must meet the eligibility criteria. Replacing a residential home’s roof has no immediate benefits through taxes unless the replacement meets certain requirements that categorize it as an energy-efficient update, like custom metal roofing.
The same goes for income-producing buildings. Repairs or replacements may be counted, but it depends on whether it was necessary maintenance or more of an upgrade that aims to increase rental profits.
Get Professional Roofing Services Today!
Deciding when and if to take advantage of tax deductions can sometimes be difficult, so knowing what kind of deductions are available is always vital. Arrowhead Roofing in Tulsa, OK, wants to help ensure that your roof repair or replacement gives you the most benefit. We offer free roof repair or replacement estimates and work with various budgets. Call us at (918) 743-9257 or fill out our contact form to request a quote.
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