Is Roof Repair Tax Deductible on a Rental?
Landlords are responsible for keeping their rental properties up to code, which usually involves paying for costly repairs when they occur. Some examples of these expensive repairs include fixing plumbing issues, as well as replacing broken heating and cooling units. One very costly project is repairing roof damage caused by storms, hail or regular wear-and-tear. Many lessors look for ways to save money on these expensive costs, such as by deducting them on their annual taxes.
Acceptable Tax Deductions
According to the Internal Revenue Service, you can deduct the cost of roof repairs from your rental property. The deductions must occur in the same tax year as the repairs. If your home insurance covers part of the repairs, you can deduct your home insurance premium for your rental property as well. If you have to travel to the rental property to manage the roof repair procedures, you can deduct your travel expenses as well.
Tenant Pays For the Repairs
If you are out of town and an emergency occurs on your rental property that needs to be fixed immediately, your tenant can pay for the repairs and then take the cost out of his normal rent rate. This includes roof repairs that are needed after a strong storm, such as a hail storm or tornado. While the tenant payment of the roof repair is now considered part of your rental income, you can still deduct the expenses, according to the IRS website.
Other Circumstances
There are other circumstances that affect whether or not you can deduct roof repairs from your taxes. For example, if your tenant is a construction contractor and he does the repairs in lieu of paying rent, you can deduct the rental fees as part of your rental expenses.
Tips
You may have to prove the roof needed to be repaired, such as from an insurance appraisal or claim. This is because most home improvements on rental properties, such as replacing old appliances or adding a new fence, are not tax deductible. Therefore, check with your tax attorney and insurance company before initiating this type of project if it is not a major emergency.
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