When you’re looking to purchase a new home or are simply renovating an interior area of your existing home, putting up a new roof may be a good investment. When you make use of tax-free incentives for home improvements and home improvements, you can save money on taxes as you build a new roofing to your house.
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ENERGY STAR certified metal and asphalt roofs
ENERGY STAR certified metal and asphalt roofs can be tax-deductible payments. Roofing materials that are in compliance with Energy Star standards may qualify for a federal 10% tax credit on the cost of replacement. If, for instance, your roofing materials cost you $3500, you would receive an additional $300 in credit, which would reduce the 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 provide a Manufacturer Certification Statement along with your IRS Form 5695.
Metal and asphalt roofs that are Energy Star certified and have coated with pigments can qualify for a tax credit. These products lower the temperature of the roof’s surface, thus cutting down on energy consumption.
These roofing materials also reflect more of the sun’s rays, which reduces peak cooling demands by up to 15 percent. They also reduce the amount of cooling required for buildings.
Energy STAR certified roofing materials are independently evaluated and certified to save you money. They also lower the temperature of the roof by up to 100 degrees Fahrenheit, reducing heat coming into the home.
Reflective roofs reduce roof temperature and increase living space and comfort
Utilizing a reflective roof to improve the temperature of your house is a way to improve comfort, cut down on energy bills and decrease your carbon footprint. But if you’re looking for the best way to go with it, you’ll need to ask yourself what kind of reflective roofs are best for you.
Choosing the right material is an important factor in the selection of the perfect cool roof. There are plenty of choices including concrete and clay tiles to asphalt shingles. There are also a variety of coatings that can enhance the reflective qualities of your roof. If you’re searching for an extremely reflective roofing, then a low-sloped, shingled roof is your first option.
The most important thing to consider when deciding on a cool roof is to ensure that it’s constructed from a material that’s environmentally friendly. If you’re considering installing the roof of your dreams, look into products like roof tiles that are insulated or cool roofing products.
Home office improvements can be tax-deductible
In spite of the name the term “home office” can actually be situated anywhere in your home. An area that is dedicated within the basement a corner of the living room, or even the kitchen table could be considered.
A home office deduction of the standard type is available for taxpayers who are eligible. This deduction is based on the percentage of the square footage of your house actually functions as an office at home. This can also include the cost of improvements to your home. For example, if you use about 30% of your house as an office You can deduct around 30% of the cost of upgrading it.
The IRS recently announced the simplified home office deduction, which allows you to claim a deduction of $1,500 in your house office. It is not as rigorous as the standard deduction, and you do not need to assemble meticulous records to claim it.
The most important thing to keep in mind when you are taking the deduction for your home office is that you have to be self-employed. For the most part the deduction is not accessible to employees. If you’re an independent plumber or accountant, though, you might be able to claim the cost.
Capital gains are realized when you sell the house
Those who sell a home get 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 the gains is determined by amount you paid for the property 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, like installing a new roof and finishing your basement, you could increase the basis of your adjusted cost that will reduce the capital gain that you receive when you decide to sell your house.
For example, Miles purchases a home for $380,000, then spends $10,000 on kitchen remodeling and spends an additional $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 house then subtracts the adjusted cost basis from the sale price. He is not required to pay capital gains taxes since the cost basis is now reduced to $250,000.
To qualify for the capital gains exclusion, your home must have been your primary residence for two in the last five years. You may also be eligible to receive a portion of the exclusion if the home has been used for a substantial period of time for a purpose different from your principal residence.
