- gooseheadParticipant@gooseheadJoin Date: 2006Post Count: 38
Has anyone had experience with replacing a roof for environmental reasons? If so what is the difference between repairing the roof and improving the roof?
fyi, I understand that replacing a roof is considered an improvement and therefor it is depreciated at 2.5% over the life of the roof. I am looking at a ruling where the roof is required to be repaired by replacement because the materials are a health risk to the tenants, ie asbestos roof.fredo_4305Participant@fredo_4305Join Date: 2009Post Count: 336
Maybe the roof collapsing due to degradation or the possibility of it coming off in a storm is also a health and safety risk.wilko1Participant@wilko1Join Date: 2010Post Count: 510
I think asbestos roofes have a instant tax writeoff available for them.
look at the linked api article.wilko1Participant@wilko1Join Date: 2010Post Count: 510
The only word of warning is that the asbestos roof has to actually deteriorate whilst you own the property.
So you couldn't buy a home that needed the asbestos repaired at the point of sale.freykartsParticipant@freykartsJoin Date: 2020Post Count: 0
I know this is outdated, but for those who are really confuse, there is no more reliable than consulting a roofer themselves. Whether it be a residential or a company. Just a piece of information, if the roof is significantly old with damages, like it is past the supposed age better replace it.