Roof repair and home improvements are no small investments. Both involve a lot of time and quite a significant expense that can even increase your taxes. That’s why when the dreaded Tax Day is fast approaching, it’s vital that you keep a paper trail close by. Record the home improvements you’ve done beforehand so that you can know which ones are tax-deductible.
In this post, Moss Roofing discuss what records can help you qualify for tax deductions.
If you took out a loan for the home improvements, this qualifies for tax deductions since you can get a deduction based on the interest paid toward your home improvement loan. This is possible so long as you meet two conditions: your loan must be secured by your primary residence and you must use it to substantially improve the property the loan is for.
Receipts for Work Done on the Home
You can ask for these from the general contractor who conducted the work on your home. Keep the receipts for materials, labor, additional work and related activities since they may qualify for tax deduction.
Form 1098 (Mortgage Interest Statement)
This is the paperwork given to you by the lender. This can be tax-deductible since it details the interest and related expenses that were paid for a mortgage during the tax year. However, only mortgage holders who have paid at least $600 in interest payments qualify for the tax deduction.
Turn to Moss Roofing for your roofing needs this spring. We are your number one provider of roof replacement and siding installation services. Give us a call at (317) 207-4778 or fill out our contact form to learn more about our services. We serve clients in Cordova, TN and other nearby areas.