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January 17, 2025
Question

Roof replacement due to qualified disaster loss

  • January 17, 2025
  • 1 reply
  • 0 views

Our house was 3 years old when Hurricane Ian damaged our asphalt shingle roof.  Insurance paid to replace the roof with the shingle roof.  We elected to install a metal roof due to future wind damage concerns.  The metal roof cost $15,000 above what insurance paid us.  Can we take a tax credit for the $15,000?  

    1 reply

    DoninGA
    Employee
    January 17, 2025

    The additional cost is an improvement to the home.  The cost of the improvement is added to the basis of the home when it is sold.