Posted by Frank Chin on September 02, 2003 at 06:49:44:
Gary:
As you also live in the duplex, you can only capitalize half of the $5,500 or $2,250. Also, you cannot expense it on the 2003 tax return, but capitalize.
The life of the roof depends on the materials you use, and they have differing lives. I’ve done flat roofs, slanted roofs, roofs requiring ripoff of the existing roof etc. I don’t recall all the particulars except none of mine ever run 30 years.
I purchased a duplex and live downstairs, rent the upstairs. The roof was in such bad shape that the duplex could not be insured unless a new roof (cost $5500) was put on. Under that condition of requirement, can I list the roof cost as an itemized repair expense on Form E (Supplemental income and loss – Part I Income-loss from real estate)of the 2003 tax return.