How to Replace an Asphalt Roof and Get a Federal Tax Credit

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Need to fix or replace your existing asphalt shingle roof? Wear and tear from normal weather conditions causes asphalt roofs to crack and peel. Maintaining your roof helps avoid water damage. Roof maintenance also saves on home heating and cooling cost. If you need to re-roof your home, consider the tax benefits in using "green" roofing materials. The U.S. Government is encouraging the purchase of green building materials, offering a tax credit for purchasing energy-efficient roofing material.

Instructions

  1. Learn about the financial benefits of using energy-efficient asphalt roofing. Selecting an energy-efficient asphalt product will save more money in the long run. The U.S. as of 2011 offers tax credits for 10 percent of the total cost of energy-efficient purchases up to a maximum of $500. For the 2010 tax year, the credits were 30 percent up to a maximum of $1,500. For example, in 2011, approved energy-efficient products that cost $500 will be eligible for a $50 tax credit (10 percent of $500).

  2. Remove your old roof, or place energy-efficient asphalt shingles over your old shingles. Check to see how many layers of roofing are currently on your home before shingling over your old roof. Too much weight on the roof may cause severe roofing damage.

  3. Purchase any asphalt roofing product that contains the Energy Star seal. Energy Star roofing products reflect sunlight and keep your roof as cool as possible. A cool roof allows less heat to be absorbed into your home. Energy Star roofing products will decrease your need for air conditioning and limit your energy consumption.

  4. Re-roof your home with energy-efficient asphalt roofing material. Keep all of your receipts. The IRS recommends saving the Manufacturers Certification Statement; this statement is not required to claim the tax benefit, but it ensures that you purchase a qualifying product.

  5. Submit your taxes and use IRS Form 5695 to claim your tax credit.

Tips & Warnings

  • Always consult with a tax professional to receive the most up-to-date tax information.
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