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V
vincemedfordasl
March 30, 2023
Question

roof replacement

  • March 30, 2023
  • 1 reply
  • 0 views

home owners insurance forced us to replace the roof.

Is this a repair or a misc expense?

    1 reply

    PatriciaV
    PatriciaV
    Employee
    March 30, 2023

    It depends. If this was the roof of your primary residence, you will add this cost to your basis in the property when you sell it. The cost is not deductible on your tax return. But it does reduce any potential taxable gain from the sale.

     

    If this is a rental property, add the cost as an improvement under Assets/Depreciation for your Rental Property. Improvements are generally depreciated over the same useful life as the rental property itself.

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