Taxpayer must do something with roof in the next few weeks to two months. In terms of the overall health of his house he could repair the roof which would be less expensive now but in ten years when he does expect to still be owning and living in the house he'll need a new roof or he could put on a new roof which would cost more now but barring damage from something like a storm he'd be fixed for thirty or more years. What he wants to know from me is whether there are any possible tax savings now for doing the new roof. I don't think of any but I thought I would ask here. It isn't possible to get energy credits for a new roof is it?
-
-
I believe the Non-business energy property credit includes heat resistant roofs but it's 10% limited to $500. Maybe he wants to top it off with some solar panels.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
Expired, No?
I think the energy credits for replacing a roof on a persoanl residence expired on 1/1/12. Someone correct me if I am wrong.Comment
-
Are we talking taxpayer's residence?
If so, roof repair is a nondeductible expense, while a new roof is a capital improvement that MIGHT be helpful when the property is sold.Evan Appelman, EAComment
-
It's dead for 2011 according
to this,
but looks like the solar panels DaveO mentioned are okay 'til 2016 (looks good if he'd be interested -- 30% of no limit cost).
Meant to say AFTER 2011.Last edited by Black Bart; 08-09-2012, 12:11 PM.Comment
Comment