When you’re looking to purchase an entirely new house or just renovating the interior of your existing house, adding the roof of your choice could be a smart investment. If you can take advantage of tax incentives for home improvements that will help you save on taxes as you add a new roof to your house.
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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 percent tax credit on the expense of replacement. For instance, if roofing materials cost $3,500 and you qualify for a $300 credit, reducing the investment to $3,150.
For the tax credit to be applied for, you must have installed your new roof during the tax year. Also, you must provide a Manufacturer Certification Statement with the IRS Form 5695.
Metal and asphalt roofs with roofs that have been Energy Star certified and have coated with pigments can qualify for a tax credit. These products lower temperatures on the roof’s surface, thus cutting down on energy costs.
These roofing materials reflect more sun’s rays and reduce peak cooling demands by up to 15 . They also reduce the amount of air conditioning required for buildings.
Energy STAR roof materials that are certified by ENERGY STAR are independently verified and tested to help you save money. These products also lower the temperature of the roof by up to 100 degrees Fahrenheit. This reduces the heat that enters your home.
Reflective roofs lower the temperature of your roof and increase comfort of your home
Utilizing a reflective roof to increase the temperature inside your home is one method to increase the comfort of your home, reduce energy costs and lower your carbon footprint. But if you’re looking for the best way to go with it, you’ll need to decide what type of reflective roofs are best for you.
The choice of the best material is crucial when it comes to deciding on the ideal cool roof. Thankfully, there are a variety of options, from clay and concrete tile to asphalt roofing. There are also several coatings that can provide reflective properties to your roof. If you’re searching for the most reflective roof, a low-sloped shingled roof should be your first option.
The most important thing to consider when deciding on a cool roof is to make sure it’s made from materials that are sustainable for the earth. If you’re planning to install an entirely new roof, look into products like insulated roofing tiles or cool roofing materials.
Home office improvements can be tax-deductible
Despite the name, a home office can actually be situated anywhere in your home. A designated space within the basement a corner in the living room or the kitchen table could be considered.
A standard home office deduction is available for taxpayers who are eligible. The amount of deduction depends on the amount of square footage that your house actually functions as your home office. This can also include the cost of improvements to your house. For example, if you utilize approximately 30% of your house for office use, you can deduct about 70% of expense of improving the space.
The IRS recently announced an easier home office expense deduction that allows you to claim a $1,500 deduction to your office at home. It’s not as thorough than the standard deduction and you don’t have to assemble meticulous records in order to claim it.
The most important thing to remember when taking the deduction for home office is that you must be self-employed. For the most part the deduction is not accessible to employees. If you’re a self-employed plumber or accountant, it’s possible to claim the expense.
Capital gains are realized when you sell your home
If you sell your home, you can enjoy an exemption from tax on capital gains 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 the cost basis. The basis of your home is the initial purchase price of the home that includes sales expenses. If you make any improvements to the property, for example, building a new roof or finishing the basement, you may increase the basis of your adjusted cost, which will lower the capital gain you earn when you sell your home.
For instance, Miles purchases a home for $380,000, then spends $10,000 on a kitchen remodel, and then spends another $10,000 on a bedroom expansion. The house is bought with an adjusted cost basis of $350,000. If Miles decides to sell the house then subtracts the adjusted cost basis from the sale price. He is not required to pay capital gains taxes because the cost basis has been reduced to $250,000.
To be eligible for the capital gains exclusion the property must have been principal residence during at least two of the past five years. You could also be eligible for a portion of the exclusion if the home has been extensively used over a long period of time for a purpose different from your primary residence.
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