If you’re buying an entirely new house or simply renovating the interior of your current home, putting up an entirely new roof could be a wise investment. If you can take advantage of the tax breaks available for home improvements that will help you save on your taxes while 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 meet Energy Star standards may qualify for a 10 percent federal tax rebate on expense of replacement. For example, if your roofing materials cost $3,500 and you qualify for 300 dollars in tax credit, bringing your investment to $3,150.
For the tax credit to be credited to your roof, you must put up the new roof during the tax year. You must also include a Manufacturer Certification Statement along with an IRS Form 5695.
Roofs made of asphalt and metal that are Energy Star certified and have pigmented coatings are eligible for a tax credit. The coatings lower the temperature of the roof surface, thereby decreasing energy consumption.
These roofing materials also reflect more sun’s rays, reducing the demand for cooling by as much as 15 percent. They also cut down on the amount of air conditioning required in buildings.
Energy STAR approved roofing products have been independently evaluated and certified to help you save money. They also reduce the temperature of the roof by as much as 100 degrees Fahrenheit. This reduces heat coming into the home.
Reflective roofs can reduce the temperature of the roof and improve the living space and comfort
The use of a reflective roof in order to improve the temperature of your house is a way to improve the comfort of your home, reduce energy costs and decrease the carbon footprint. But if you’re looking for the most efficient method to go with it, you’ll need to decide which of the many types of reflective roofs is best for you.
Choosing the right material is crucial in the selection of the perfect cool roof. There are plenty of choices including concrete and clay tiles , to asphalt roof shingles. There are several coatings that will provide reflective properties to your roof. If you’re in search of one of the best reflective roofs, a low sloped shingled roof is your first choice.
The primary thing to keep in mind when choosing a cool roof is to make sure it’s made from a material that’s environmentally friendly. If you’re thinking of installing the roof of your dreams consider products such as insulation roofing tiles or cool roofing products.
Home office improvements are tax deductible
Contrary to what it sounds like, a home office can be found situated anywhere in your home. An area that is dedicated within the basement an area in the living room, or a kitchen table can qualify.
A home office deduction of the standard type is available to taxpayers who meet the criteria. This deduction is based on the proportion of your home actually serves as an office at home. It could also be a part of the cost of making changes to your home. For instance, if you utilize approximately 30 percent of your home for office use You can deduct around 30percent of the cost of improving the space.
The IRS recently announced an easier home office expense deduction, which allows you to claim a deduction of $1500 in your house office. The deduction isn’t as strict as the standard deduction, and you don’t have to assemble meticulous records to claim it.
The most important thing to consider when you’re taking the deduction for your home office is that you need to 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 might be able to claim the expense.
Capital gains when you sell a house
Homeowners who sell their homes get an exemption from tax on capital gains of $250,000 for a single filer or $500,000 for married couples. The amount of increase is determined by amount you paid for the property and your cost basis. The basis of your home is the initial cost of purchase for the property, including sales expenses. If you make improvements to the property, such as the installation of a new roof, and finishing your basement you may increase the basis of your adjusted cost, which will lower your capital gain when you sell your home.
For instance, Miles purchases a home for $380,000. He then spends $10,000 on a kitchen renovation, and then spends another $10,000 on an addition to the bedroom. The home is purchased on an adjusted cost basis of $350,000. When Miles decides to sell the home, he removes his adjusted cost basis of the sale price. He does not owe capital gains taxes because the cost basis is now reduced to $250,000.
To be eligible for the capital gains exemption the property must be your primary residence for two in the last five years. You may also qualify to receive a portion of the exclusion if the home was utilized for a significant period of time for a purpose that was not your primary residence.