1 year ago
Last edited at 5:01AM on 2/12/2013
Deduct from what? If you have a taxable gain (federal and/or state taxes), then the re-roofing cost is a cost associated with the sale. If you are NOT now selling the house and it is a personal residence ( not a rental income property) the cost of the re- roof should not be deductible on your tax return.
If the old roof had no problem and the insurance company is making you get a new one, you can decide to get it but sell it to another person. However, you should first understand why the insurance is making you get a new one while the other is still there.