Is new roof deductible?
I have an opportunity to buy a deal, but the house needs a new roof ASAP. We are doing a lease-option, so I won't actually be purchasing the property until 1 year from now... just sub-leasing. I have asked the owner if he would consider replacing the roof (which is long overdue) to protect the investment over the next year until I buy. Can someone help me work through the options here? Is replacing the roof a deduction for him...or an expendable item that depreciates for me... or both? What incentives can I give him to replace the roof now?