If you’ve been looking for an incentive to replace your old, worn-out,
commercial roof, then you may have just received the push you’ve
been looking for, and not from where you may have expected it. The new
tax code which passed into law in late December 2017 has changed how roofing
costs are classified, including for business and property owners. Let’s
take a brief look at how the new tax code works and how it may open up
a considerable amount of capital for improvements to your building.
Under the previous tax code, roof services were classified in two different
ways. Replacement costs were considered a “capital expenditure,”
which means they depreciated over time like your computers, office furniture,
and other assets do. Minor roof repairs, such as leak fixes, were considered
“expenses” and therefore could be written off for that year’s taxes.
Under the new tax code, all roofing repairs, including replacement, is
now considered expensable, meaning building owners could write the cost
off on their taxes for the year. This opens up a whole world of possibilities
for property owners, who now have an incentive to spend on their property
and invest in its condition, knowing that they could reap a huge tax benefit
for doing so.
New builders can also benefit as well. Because the roof over the building
is now considered expensable, property owners have an even bigger incentive
to invest in a more durable roof for their property. When you consider
that vacancies in any commercial and industrial building markets are still
low, this should create an environment that rapidly starts attracting
Invest in Your Roof!
This is a particularly huge benefit for those who own industrial buildings
that have features like skylights, smoke vents that may be leaky. The
flashing around these areas usually wears out after several years, cracking
and developing leaks that can cause property damage, safety hazards, and
more. If this sounds like a problem you’re having, then the new
tax code is just what you’ve been looking for—the cost of
new skylights and smoke vents is also expensable along with your roof
Whether you need a new roof, your roof replaced, or just a simple repair,
trust the experienced Tacoma roofers from Tristate to get the job done right.
Call us today to request a free estimate!