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Fort Worth Roofing: Article About Tax Deductible Roofing

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While the cost of repairing or replacing a roof may be something that property owners don't want to think about, that cost could turn out to be tax deductible. This means that any money paid to a Fort Worth roofing professional could be subtracted from an individual's income for the year. There are two scenarios in which a property owner may be able to claim roof work as a tax deduction.

First, if a property is being used as a rental, it may be possible to take out that cost because it is considered a business expense. It may also be possible to take advantage of this strategy if a personal residence has been converted to a rental or vacation property. Therefore, if the owner of a rental property added a dormer or did a complete tear down of the roof's shingles, that expense may be deductible.

The other scenario in which a tax deduction may apply is if a homeowner is self employed. While repairing the whole roof may be considered an indirect expense because it benefits the entire home, replacing or adding a roof to a home office space could be considered a direct expense. This means that the entire cost may be written off of a tax return as a self employed business expense.

The roofing experts at Total roofing of Fort Worth TX can answer questions about gutters or emergency repairs.

Even if money spent to repair a roof is considered an indirect expense, a homeowner may be able to deduct some of the cost on that year's tax return. The rest of the money spent to upgrade the roof may otherwise be considered a capital improvement that would increase his or her cost basis in the property. In the event that this is the case, it could still benefit the homeowner later, as a higher cost basis can reduce potential capital gains taxes when the property is sold.

Those who are planning to deduct the cost of any roof, attic or gutter repair work should ask their contractor for proof that the work was completed in the year for which it is being claimed. This means that a homeowner should ask for paperwork verifying when the work was done as well as receipts for any payments that were made.

Homeowners may also wish to keep their own records to make it easier to differentiate between tax deductible expenses and personal expenses. As with any situation involving taxes, homeowners should consult with a tax or financial adviser for specific advice regarding their unique tax situations.

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