Tax season is here and if you are expecting to receive a refund this year, you might want to consider reinvesting your refund into your home. While that may not be as fun as planning a beach getaway, reinvesting in your home with things like a new roof, can ultimately save you money when you sell your home in the future.
According to TurboTax: (https://turbotax.intuit.com/tax-tips/home-ownership/home-improvements-and-your-taxes/L6IwHGrx6):
"You add the cost of capital improvements to your tax basis in the house.
Your tax basis is the amount you'll subtract from the sales price to determine the amount of your profit.
A capital improvement is something that adds value to your home, prolongs its life or adapts it to new uses.
There's no laundry list of what qualifies as a capital improvement, but you can be sure you'll be able to add the cost of:
an addition to the house,
a swimming pool,
a new roof, or
a new central air-conditioning system.”
Utilizing your refund check to add a new roof before summer will have the immediate benefits of helping to protect your home, reduce your summer cooling costs, as well as the potential long term benefit to your taxes. If you are interested in learning more about replacing your roof this spring, contact the Weather-Tite Roofing Team for a free consultation.