Replacing your home’s exterior, such as the roof or siding, is a great way to update and increase the value of your property. These improvements also pair well with tax deductions in your area. As a residential and commercial roofing contractor, we understand how important it is for our customers to optimize their return on investment and submit accurate paperwork for tax deductions when replacing their roofs. Read on as we discuss what you need to know about roofs and taxes!
Tax Deductions for Roofs
Replacing a roof is an ideal candidate for home improvement tax deductions, as roofs are generally considered a “capital expenditure.” It refers to substantial investments in assets or businesses, such as when replacing part of your property with improved materials like asphalt shingles. The tax deduction will lower the cost of ownership and provide you with significant savings over time on top of updating the exterior of your property.
Eligibility for Tax Deductions
You must meet certain criteria to take advantage of roof tax deductions. The most important element is that the roof replacement should represent an improvement over what it replaced. This means that if you’re only planning repairs or patch-ups instead of replacing a significantly outdated roof, tax deductions may not apply. Also, all materials that roofing companies use in construction need to meet state and national standards for energy efficiency and insulation properties to qualify for any rebates or write-offs.
How to Claim Tax Deductions
When claiming tax deductions associated with roof replacement, be sure to retain documentation that indicates the origin and purpose of all materials used in construction. Additionally, permits must be acquired to ensure that your roof meets local codes and regulations. Such paperwork includes detailed construction plans and specifications as approved by relevant government authorities.
Count on Hinkle Roofing for Your Residential Roofing Project
Replacing your roof with the help of tax deductions can save you a lot of money in the long term! As always, use caution when dealing with any kind of paperwork related to taxes and check local regulations to see if any particular materials may be eligible for additional discounts. If you’re looking for a certified residential and commercial roofing partner to replace your roof in Birmingham, AL, contact Hinkle Roofing today at (205) 324-8545. You can also fill out our online contact form for a free estimate. We will gladly provide all relevant information and guidance along the way!