Tax Question: Itemized receipt for roofing and insulation?
Unless this is a rental property, maintenance is NOT deductible. IMPROVEMENTS to your home effect the cost basis used to determine capital gain or loss when the home is sold. As you can excluded up to $250,000 ($500,000 for married filing jointly) of gain the sale of you home, it is unlikely you will see ANY tax benefit.
The roof would not be a tax deduction because it was part of your living area already and this is ordinary maintenance. But the insulation could have a local rebate or a general rebate involved.
I choose the best answer based on the fact that he was correct. Our installation of the roof tiles was not a tax deductible item, but the extra insulation they installed was tax deductible, giving us an over extra $350 in return. We were just going to forget it, but it was actually worth it!
The insulation is a tax deduction. Call the contractor and ask for an itemized reciept for tax purposes.
