If you’re buying the first home of yours or simply making improvements to the interior of your current home, putting up an entirely new roof could be a good investment. If you can take advantage of the tax breaks available for home improvement and home improvements, you can save money on taxes as you add a new roof to your home.
A new Roof Installation in Hawthorne can be hectic and critical. It is essential to hire a professional in order to get the perfect new Roof Installation in Hawthorne! SoCal Green can help you with roofing maintenance and installation needs.
ENERGY STAR certified asphalt and metal roofs
ENERGY STAR certified asphalt and metal roofs can be tax-deductible payments. Roof materials that are in compliance with Energy Star standards may qualify for a federal 10 percent tax credit on the expense of replacement. If, for instance, your roofing materials cost you $3500, you would receive a $300 credit, reducing your investment to $3,150.
In order for the tax credit credit to be applied, you must install your new roof by the end of your tax-year. Also, you must submit a Manufacturer Certification Statement with your IRS Form 5695.
Metal and asphalt roofs which are Energy Star certified and have pigmented coatings are eligible to receive a tax credit. The coatings lower the temperature of the roof surface, thereby cutting down on energy consumption.
These roofing materials reflect more sun’s rays, reducing the amount of cooling needed at peak times by up to 15 percent. They also reduce the amount of cooling needed in buildings.
ENERGY STAR certified roofing materials have been independently evaluated and certified to save you money. They also lower the temperature of your roof by as much as 100 degrees Fahrenheit, reducing heat entering the home.
Reflective roofs can reduce the temperature of the roof and enhance the comfort of your home
The use of a reflective roof in order to improve the temperature of your house is one way to increase the comfort of your home, reduce energy costs and decrease the carbon footprint. However, if you’re trying to figure out the most efficient method to go about it, you’ll have to ask yourself what kind of reflective roofs is right for you.
The choice of the best material is a critical factor in the selection of the perfect cool roof. Thankfully, there are plenty of choices, from clay and concrete tiles , to asphalt roof shingles. There are several coatings that provide reflective properties to your roof. If you’re searching for one of the best reflective roofs, a low-sloped shingled roof is your first option.
The most important thing to consider when deciding on the right cool roof is to make sure it’s made from materials that are good for the environment. If you’re considering installing a new roof, look into products like insulated roofing tiles or cool roofing products.
Office improvements to your home can be tax-deductible
In spite of the name it could be located anyplace in your home. A dedicated area located in your basement a corner in the living room, or the kitchen table could be considered.
A home office deduction of the standard type is available to taxpayers who are eligible. The amount of deduction depends on the proportion of the square footage of your home actually serves as an office at home. This can also include the cost of making improvements to your house. For example, if you are using about 30% of your house as a workplace it is possible to deduct approximately 30percent of the cost of improving it.
The IRS recently introduced an easier home office expense deduction, which allows you to claim a deduction of $1500 to your office at home. It’s not as thorough than the standard deduction and you do not need to keep meticulous records in order to claim it.
The most important thing to keep in mind when taking the deduction for your home office is that you need to be self-employed. For the most part the deduction is not accessible to employees. If you’re a self-employed plumber or accountant, though you may be able to claim the expense.
Capital gains are realized when you sell a house
If you sell your home, you get the capital gains tax exemption of $250,000 for a single-filer or $500,000 for a couple who are married. The amount of gains is determined by price you sold the home for and your cost basis. The basis for your property is the cost of purchase for the property that includes sales expenses. If you make improvements in the house, like installing a new roof or finishing the basement you can raise your adjusted cost basis and reduce the capital gain that you receive when you decide to sell your house.
For example, Miles purchases a home for $380,000, spends $10,000 on a kitchen renovation and spends an additional $10,000 on an addition to the bedroom. The home is purchased on an adjusted cost basis of $350,000. If Miles sells the house, he removes his adjusted cost basis of the selling price. He doesn’t have to pay capital gains taxes since the cost basis has been reduced to $250,000.
To qualify for the capital gains exclusion Your home must have been your primary residence for at least two of the past five years. You could also be eligible for a part of the exemption if your house has been extensively used over a long period of time with a goal other than as your principal residence.