Did you know you can get tax credits for your roof? Tax code is something that can work in favor of people, they just have to do some digging to find out how. If you’re in the need of a new roof for your home, you may be able to qualify for some federal tax credits for the costs. Let’s look at how you can qualify for a roof tax credit and get some money back on a roof replacement.
More About the Roof Tax Credit
In order to qualify for the roof tax credit, you have to meet the following criteria when having a new roof installed:
- Use Energy Star-approved roof coating products
- Installed a metal or asphalt roof
- Roof must last five years or come with two year warranty, at minimum
If you meet one of these criteria, you may qualify to deduct up to ten percent or $500 of the total costs out of pocket for your roofing replacement. If you’re working with your insurance company, this means you can deduct part of the deductible you’re paying out of pocket before the work begins. This may not seem like much, but when homeowners add up the deductions they can take, it can be beneficial to look into the roof tax credit.
As more homeowners are looking for ways to go green and reduce their carbon footprint, many are looking at ways their homes can make the transition. This includes roofs. With the use of solar panels and solar shingles, you can reduce the amount of electricity and natural resources a home uses in a given year.
By looking at what your roof can do beyond just providing you a shelter over your head and safety from the elements, you can use it to your benefit. Talk to your roofer, and a tax professional, for more details on the roof tax credit and how you can use it when you file your taxes.