If you’re buying an entirely new house or simply renovating the interior of your current house, adding the roof of your choice could be a good investment. If you can take advantage of tax incentives for home improvement, you will save money in taxes when you build a new roofing on your home.
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ENERGY STAR certified asphalt and metal roofs
ENERGY STAR certified metal and asphalt roofs are eligible for tax deductible payments. Materials for roofing that are in compliance with Energy Star standards may qualify for a federal 10% tax deduction on expense of replacement. For instance, if roofing materials cost you $3500 then you could receive a $300 credit, reducing the cost of your investment to $3150.
In order for the tax credit credit to be applied, you must install your new roof within the tax year. You must also submit an Authorized Manufacturer Certification Statement with your IRS Form 5695.
Asphalt and metal roofs which are Energy Star certified and have coated with pigments can qualify for tax credits. These coatings reduce the temperature of the roof’s surface, thus cutting down on energy costs.
These roofing materials also reflect more sun’s rays, which reduces the demand for cooling by as much as 15 percent. They also decrease the amount of air conditioning required in buildings.
The ENERGY STAR approved roofing products have been independently tested and certified to help you save money. These products also lower the temperature of your roof by up to 100 degrees Fahrenheit, reducing heat coming into the home.
Reflective roofs reduce roof temperature and increase comfort in your home.
The use of a reflective roof in order to improve the temperature inside your home is one method to increase comfort, cut down on energy bills and decrease the carbon footprint of your home. But if you’re looking for the best way to go with it, you’ll need to determine which of the many types of reflective roofs is right for you.
Selecting the appropriate material is crucial in determining the ultimate cool roof. There are plenty of choices including concrete and clay tiles to asphalt shingles. There are also a variety of coatings that can add reflective properties to your roof. If you’re in search of an extremely reflective roofing, then a low-sloped shingled roof is your first choice.
The primary thing to keep in mind when selecting an attractive roof is to make sure that it’s constructed from materials that are environmentally friendly. If you’re considering installing a new roof consider products such as insulated roofing tiles or cool roofing materials.
Home office improvements can be tax-deductible
Despite the name, a home office can be found anyplace in your home. An area that is dedicated within the basement a corner in the living room, or a kitchen table can qualify.
A standard deduction for home offices is available to taxpayers who qualify. This deduction is based on the percentage of the square footage of your home actually serves as your home office. It could also be a part of the cost of improvements to your house. For instance, if, for example, you are using around 30 percent of your home for office use it is possible to deduct approximately 70% of cost of enhancing the space.
The IRS has recently introduced an easier home office expense deduction, which allows you to claim a $1,500 deduction in your house office. It is not as rigorous as the standard deduction, and you don’t have to assemble meticulous records to claim it.
The most important thing to remember when taking the deduction for your home office is that you must be self-employed. In the majority of cases it’s not available to employees. If you’re a self-employed plumber , or accountant, however you may be able to claim the cost.
Capital gains are realized when you sell a house
Those who sell a home can enjoy an exemption from tax on capital gains of $250,000 for a single-filer or $500,000 for married couples. The amount of gains is determined by price you offered to sell the home and the cost basis. The basis for your property is the purchase price of the home which includes sales costs. If you make any improvements in the house, like building a new roof or finishing the basement, you may increase your adjusted cost basis and reduce the capital gain that you receive when you sell your home.
For instance, Miles purchases a home for $380,000. He then spends $10,000 on a kitchen renovation after which he spends $10,000 on an addition to the bedroom. The home is purchased with an adjusted cost basis of $300,000. When Miles sells the house, he subtracts the adjusted cost basis from the selling price. He is not required to pay capital gains taxes because the cost basis is now reduced to $250,000.
In order to be eligible for the capital gains exclusion Your home must be the primary home for at least two in the last five years. You may also be eligible to receive a portion of the exemption if your house was used for a substantial period of time with a goal that was not your principal residence.