It's Not to Late To Get A Tax Deduction On Your Orlando Roof Repairs

November 09, 2020

It’s not too late to take advantage of this year's tax deduction for your roof. That’s right, both a new roof and repairs are eligible under IRS 179 deduction. 

GAF, America's largest roofing manufacturer helps explain how you can get the deduction

If you decide to completely replace a building's new roof you can now take an immediate deduction of up to $1,040,000 in 2020 for the cost of the new roof. It's part of the expanded rules under Section 179 of the IRS tax code after the 2017 tax reform act.

Most businesses qualify for this deduction but there are limitations. The $1,040,000 is for a single purchase. You can continue to take deductions for other purchases – be it a roof on another building, for example – but the deduction begins to phase out after a total of $2,590,000 is spent during the year and is completely phased out once you've spent $3,630,000. By the way, the roof has to be used more than 50 percent for business purposes, so make sure you're considering that if you're using a combined commercial and residential property.

But that’s not all, you can even write off the cost of your old roof if you get a new one. 

If you're replacing your existing roof, you can get an additional tax benefit by writing off the cost of your existing roof. That means the amount remaining on your books representing the original cost of your existing roof, less accumulated depreciation, can be taken off your books as a loss. So you're not only getting a deduction for the new roof, but lowering your taxes as a result of any loss from writing off your existing roof.

You also may be eligible to deduct the repairs made to your roof under Section 179.

If you decide not to get a new roof, you still may be able to deduct the cost of repairing your existing roof. You would have to capitalize and then depreciate any costs that improve the value of a roof. But the IRS defines routine maintenance as something that "keeps your property in a normal and efficient operating condition." So if you're spending money on things like patching a puncture or repairing a skylight, you can generally take a deduction for those expenses in the year they're incurred

Whether your roof has damage, leaking or showing signs of age, the professionals at Schick Roofing can help you make the best cost effective solution for your roof. We are proud to offer accurate and honest roof assessments at an affordable price.

Contact Schick Roofing Today For More Information

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