What You Need to Know About the New Roof Tax Credit 2018

The new roof tax credit 2018 allows homeowners to receive a tax break for making qualified improvements to their homes. This includes replacing your existing roof with a new one, which can help reduce energy costs and increase the overall value of your home.

What Is the Roof Tax Credit? 

The roof tax credit is a federal income tax incentive that provides up to $500 back on certain improvements made to your home. This includes replacing an existing roof, installing solar energy systems, or constructing additional insulation. The credit amount is determined by the amount of money spent on these qualifying activities. To be eligible for the full $500 credit, you must spend more than $1,000 on improvements during 2018. 

How Do I Apply for the Credit? 

To apply for the credit, you will need to file IRS Form 1040 when filing your taxes in 2019. The form will ask for information about which credits and deductions you are claiming; be sure to include all applicable credits and deductions when filing your taxes this year! Additionally, keep detailed records of all receipts related to any home improvement activities so that you can provide proof of purchase if necessary. 

What Are Some Qualifying Home Improvements? 

In addition to replacing an existing roof with a new one, other improvements that may qualify for this tax credit for new roof include installing solar water heaters or photovoltaic systems, adding insulation materials or sealing windows and doors, replacing windows or doors with Energy Star-qualified models, and more! Be sure to research specific requirements before beginning any project so that you are aware of all necessary paperwork and qualifications needed in order to successfully qualify for this tax credit. 

Making qualified home improvement investments can not only add value to your property but also help you save money on your taxes! With the new roof tax credit 2018 in place until December 31st 2018, now is a great time for homeowners across the United States to make necessary repairs or upgrades around their homes and get rewarded with a possible deduction come April 2019 when filing taxes. Be sure to do careful research before beginning any project so that it qualifies for this beneficial tax break!