New Roof

I put a new roof on my house this year in Wis. I understand I use it as a cost basis, do I report that this year, or wait until I sell? Where and how do I report it. Is that on Federal or state or both. Thanks so much.

Debbie


Thank you for your new roof question.

If the new roof was put on your personal residence that IS NOT being used for business, you will add the cost of the new roof to your basis in the year that you sell the house.

If the new roof was put on your personal residence that IS being used for business, (or office in home deduction), you will report the cost of the new roof as an improvement that will then be depreciated starting the date it was put into service.

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