Tax question - New Roof

[playfelt]

We claimed our roof many years ago and put it in the maintenance section that is with business use of home. It is then prorated according to the time ratio. We were told anything that wears out and needs replacing can be claimed as compared to refinishing a basement which is an add on. I claimed our fence too when we did it. You also have to do like kind so if asphalt shingles then you can't upgrade to steel roof or if a chain link you can't upgrade to wood but can only claim the cost of replacement not upgrade. Of course you are probably getting a better product then when it was first done but as long as it is like kind.

[zen39]

We claimed our roof many years ago and put it in the maintenance section that is with business use of home. It is then prorated according to the time ratio. We were told anything that wears out and needs replacing can be claimed as compared to refinishing a basement which is an add on. I claimed our fence too when we did it. You also have to do like kind so if asphalt shingles then you can't upgrade to steel roof or if a chain link you can't upgrade to wood but can only claim the cost of replacement not upgrade. Of course you are probably getting a better product then when it was first done but as long as it is like kind.

Thanks Playfelt, that's great advice.

so to prorate according to time ratio...do you mean that if we purchased a roof for $5000 in July, we would do the following 6/12 X 5000 = $2500 to put in the maintenance category? Thanks again