Talk of The Villages Florida - Need to have taxes done- Recommend a CPA?

Quote:

Originally Posted by jim1941 (Post 2311439)

I use Sally at Tom's Tax Service on 441 in Fruitland Park. Last year she got me an extra $500.00 when she asked if I made any improvements to my home. I told her I put a new roof on my house and she said that is worth a $500.00 federal (tax free) rebate.

This is why good CPAs are worth their weight in gold - OK, maybe salt. This was new to me!

"Is Tax Credit Available for New Roofs?

Good news! A federal tax credit is available for new roofs that meet specific requirements. The tax credit is designed to encourage homeowners to make energy-efficient improvements, which is why not all new roofs will qualify. To meet the requirements for a federal tax credit, your roofing replacement has to be evaluated as an energy upgrade.

How do you qualify?

The eligible roof types are metal roofs with a pigmented coating and asphalt roofs with cooling granules. To qualify for tax credits, the pigmented coating on the metal roof also must meet the requirements of an Energy Star-certified product.

How much is the credit?

The Energy Star federal tax credit is worth up to 10% of the cost of the new roof, up to $500 (not including installation cost). While this doesn’t seem like much, it can still help you to reduce your tax burden. Along with giving you access to a federal tax credit, the cooling properties of Energy Star-certified roofing materials will also help you save money on your energy bill."

From: Fixr.com | Tax Credit for a Roof Replacement 2024