Get Answers To Your Tax Questions
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Can I claim a deduction for my new roof?
Maybe. A new roof might qualify for the nonbusiness energy property credit. To claim the credit, both of these must apply:
In 2013, the credit is limited to 10% of the purchase price for each eligible item. The items include all of these:
Eligible items are those that:
The product’s maker will have a certification statement. It shows the eligible building components and their climate zones. You must install each component in the specified climate zone.
You can deduct 10% of the purchase price for each eligible item. However, the credit has a lifetime limit of $500 . No more than $200 of that limit can apply to windows and skylights.
You can't deduct installation costs.