There are some home improvements you can ask your roofing contractor to work on that can be tax-deductible. Before you get your hopes fully up, however, you need to be aware that these deductions might only be limited deductions, depending on the type of improvement.
Generally, renovations that can improve the overall experience of the general public tend to get considered for deductions. But there are some basic guidelines that can give you an idea of what qualifies. Let’s discuss in detail what these improvements can be.
Accessibility and Safety
The most obvious tax-deductible improvements are the ones that improve accessibility and safety for all, especially seniors and persons with disabilities. The majority of these rely on making entryways and exits accessible for all by installing ramps and making ground-level motion easier. But you can also improve your roof with this in mind.
If you have a property whose roofing constitutes what might be a public hazard, improving on this and securing the portion that was hazardous is a great way of improving your property’s public utility friendliness. Consider a roof repair project to reduce the danger posed by a sagging eave or a broken gutter.
Insulation and Energy Efficiency
You can also get tax deductions when you improve the insulation and overall energy efficiency of your home. The logic behind this is that it reduces your home’s reliance on power from the local grid, which reduces cost of power production.
So what can be counted as an energy-efficient upgrade? Anything that improves your home’s insulation effectively reduces your home’s energy requirements, so installing thermal siding, and energy-efficient windows and doors will be a good way to start.
Installing solar panels on your roofing might also be tax deductible, but only if they are utilized to power majority of your home. If you’re just installing solar water heaters for a swimming pool, for example, it won’t be tax deductible.
And if you need help in getting any of these projects under way, give Century Roofing and Siding a call! We can help you with the installation of insulating roofing options, and also help you improve your home’s siding insulation. You can reach us via our contact form, or you can call us at (613) 738-1774. We serve residents of Nepean, ON.