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Started By
Message
roof replacement energy and tax question
Posted on 6/2/14 at 9:31 am
Posted on 6/2/14 at 9:31 am
putting a patch on a spot that is leaking but will be looking into a full replacement very soon.
2 questions
Energy Question
1) why are there not more light colored roofs in the south? seems like it would be a no brainer, yet most roofs are dark colored. Is there a reason for this?
Tax Question
2) If i plan to sell the house in the next two years and spend 20K on a new roof. I will have only a year or two of depriciation.
Purchase 287K
renovation 25k
roof replace 20K
total basis 332K
estimated sale 330k less 4% = 317k
So i would be taking a loss of 15k on the property at sale.
Does that loss just go into my tax return and continue to carry over till it is exhausted?
thanks for any input
2 questions
Energy Question
1) why are there not more light colored roofs in the south? seems like it would be a no brainer, yet most roofs are dark colored. Is there a reason for this?
Tax Question
2) If i plan to sell the house in the next two years and spend 20K on a new roof. I will have only a year or two of depriciation.
Purchase 287K
renovation 25k
roof replace 20K
total basis 332K
estimated sale 330k less 4% = 317k
So i would be taking a loss of 15k on the property at sale.
Does that loss just go into my tax return and continue to carry over till it is exhausted?
thanks for any input
3
Posted on 6/2/14 at 10:06 am to Mr.Perfect
Is this a personal residence?
You can't deduct any loss on the sale of a personal residence...
You can't deduct any loss on the sale of a personal residence...
Posted on 6/2/14 at 10:29 am to PurpleAndGold86
quote:
Is this a personal residence?
yes
quote:
You can't deduct any loss on the sale of a personal residence...
Posted on 6/2/14 at 11:04 am to Mr.Perfect
quote:
1) why are there not more light colored roofs in the south? seems like it would be a no brainer, yet most roofs are dark colored. Is there a reason for this?
Maybe because the lighter colored roof would show dirt easier? I don't know.
quote:
Does that loss just go into my tax return and continue to carry over till it is exhausted?
No loss on personal residence can be decucted. Sorry.
Most people never get back at sale what they put into a house.
Posted on 6/2/14 at 2:40 pm to Mr.Perfect
What does a patch cost?
Posted on 6/2/14 at 4:44 pm to fillmoregandt
quote:
What does a patch cost?
waiting on the quote
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