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Can You Deduct a New Roof on Your Taxes?

2015/09/29 - Can you deduct the cost of a new roof on your taxes? Maybe yes and maybe no. The tax implications of say replacing the shake roof on your home is considered maintenance.

Maintenance is not tax deductible. But home improvement is tax deductible. So, putting an lifetime architectural roof to replace your 3-tab 20 year asphalt roof on that home MIGHT be partially deductible since it does improve the home. How much of the expense is deductible? Talk to your tax advisor on that one.

Depending on your situation even the home improvement might not be tax deductible. That is because new federal law provides a home sales tax exclusion. Anyone selling their home can make $250,000 profit ($500,000 profit for married couples) without paying a capital gains tax, as long as you hold the property for at least 2 years before selling.

In any event, any tax deduction cannot be taken in the year of the work, only in the year of the sale of the residence.