Certain roofing projects can qualify for tax deductions. However, the Internal Revenue Service (IRS) has become stricter when it comes to deductions for property repairs and maintenance. Simple and routine maintenance are not included. If, however, the project involves major improvements for the property, the owner can request capital expense deductions.
Getting Deductions for Repairs and Maintenance
According to the IRS, when it comes to repair and maintenance, property owners can get deductions for amounts paid. For example, if you request routine maintenance for your roofing, such as patching up holes or replacing damaged shingles, then those can’t be deducted. However, if you install or add something for your property, and it will add to its resale value, or it will make a huge improvement for the entire property, then it can be deducted.
Here are some sample scenarios for maintenance and repairs:
Repairing a defect which existed even before you purchased the property
Expanding the property (add new rooms or spaces)
Installing new systems to improve the quality, efficiency and durability of the property
Restoring the property to improve its overall efficiency
Getting replacements for major components like installing a commercial roofing system or solar panels.
To be able to understand the tax deduction terms and conditions for repair and maintenance, it’s best to talk to professional tax advisers. They can help you understand the taxes, deductibles and other financial matters regarding your property repair and maintenance projects.
Contact Elite Roofing Solutions for professional commercial and residential roofing services. Call (855) 588-6610 for more information, or fill out our contact form for a free quote. We serve clients in Houston, TX. We look forward to working with you.