Are you investing in a new roofing system? In addition to improving curb appeal and resale value, a new roof may offer benefits to ease your financial burden. Read on as Tango & Gatti explains whether your new roof installation is eligible for tax deductions.
The Roofs’ Eligibility for Tax Deductions
Roofs with a life span of over 20 years are generally eligible for tax deductions if they have fallen into disrepair or are simply outdated and need to be upgraded. Moreover, a roof replacement due to storm damage is also eligible for tax deductions. However, since the laws and regulations vary from area to area, it’s best to consult your local tax office or accountant before you embark on this process.
Factors That Determine Tax Deductibility
To determine your roof’s eligibility for tax deductions, consider the installation price and any related supplies used. Additionally, if you are replacing an existing roof, you should take note of its age and overall condition.
Tax Advantages for Replacing an Old Roof
You may be eligible for tax advantages if your existing roof is at least 15 to 20 years old. A new roof may qualify as an itemized deduction depending on warranties related to previous installations and the local code in New Philadelphia, OH.
Tips for Maximizing Roof Tax Deductions
If you’re looking to maximize your tax deductions related to a new roof, be sure to conduct extensive research and consult an expert roofing contractor. At Tango & Gatti, we offer high-quality residential and commercial roofing services. Our team can help answer any of your questions or concerns about the process and associated costs to make the most of any potential deductions. For more information, call us at (330) 308-8213, or fill out our online contact form. Our Ohio service areas include Barnesville and Canton, OH.