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Thread: Tax deductions

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    Tax deductions

    So I just had a new roof put on my house and when I handed the roofer a check, he signed the proposal "paid in full" and said "this is for your income taxes." I don't think that is tax deductible is it?

    GO CYCLONES!!!



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    Re: Tax deductions

    I'd be surprised if there was... a tax code as simple and fair as ours wouldn't have something like that



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    Re: Tax deductions

    Quote Originally Posted by cycfan View Post
    So I just had a new roof put on my house and when I handed the roofer a check, he signed the proposal "paid in full" and said "this is for your income taxes." I don't think that is tax deductible is it?

    GO CYCLONES!!!
    no. If it's an energy efficient roof I think there's a credit of up to $500 though.



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    Re: Tax deductions

    If you have a lot of big purchases this year it might beneficial to deduct sales tax instead of state income taxes. I don't believe that the purchase itself would qualify as a tax credit.

    I am not a tax expert so I would probably talk with professional. The IRS has tables you can use to estimate your purchases throughout the year to come up with an estimate of state sales taxes paid.



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    Re: Tax deductions

    probably not for your income taxes now, but a slight possibility that it comes into play when you go to sell house down the road.


    Exaggeration is a BILLION times worse than understating.

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    Re: Tax deductions

    This could possibly be used to get the energy efficiency credit. Other things that might qualify for this are windows, insulation, water heaters, geothermal units, etc.). The unfortunate thing is the credit is limited to a max amount you can use in your lifetime.



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