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Dec
16

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Are New Windows a Tax Deduction?

Category: Tax Deductions, Energy Tax Credits Tags: , , , , ,

Home improvements are a popular way for taxpayers to claim a tax credit and upgrade their homes in the process. For new windows, it’s possible to make a tax deduction. The current tax credits for home improvements are expected to remain in their current form for the next five to seven years.

Claiming New Windows on Your Tax Return

There is a range of different window types that qualify for a tax deduction, including casement, egress, and double-hung. The stipulation is that they must meet Energy Star standards.… Read the rest

Nov
24

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Form 5695 For Energy Tax Credits

Category: Energy Tax Credits, Tax Credits Tags: , , , , , ,

form-5695

Going green is not just beneficial for the environment; it’s also a great way to boost your finances. Making energy-efficient upgrades to your home can not only reduce your energy bills but also offer some sizeable tax savings.

The Federal government wants to encourage citizens to go green, which is why they provide a range of tax credits. To claim these tax credits, you’ll need to fill out Form 5695.

Here’s what you need to know about it.

What’s Form 5695?

… Read the rest

Nov
24

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Tax Deductible Home Improvements

Category: Energy Tax Credits, Tax Deductions Tags: , , , , , ,

As a homeowner, you might be asking yourself if there are any tax breaks for all the money you spent improving your home. The answer could be yes or no. Either way, you will need to track your expenses for any home improvement.

Once you make a home improvement, like putting in central air conditioning, installing a sun-room, or upgrading the roof, you are not able to deduct the expense during the year you spent the funds.

You should maintain a record of those costs; they might help you to claim a home improvement tax deduction when you sell your home.… Read the rest

Nov
21

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What is the Energy Tax Credit?

Category: Energy Tax Credits, Tax Credits Tags: , , , , , ,

The energy tax credit is designed for people who want to improve their homes to make them more energy-efficient. One example of this may be installing solar panels to generate energy from the sun. Making use of renewable energy in your home could be a significant tax move for you.

Here’s everything you need to know to claim the residential energy tax credit and learn what it takes to qualify.

Is the Residential Energy Tax Credit Still Available?

Federal residential renewable energy tax credit.

There’s a lot of misinformation regarding whether the residential energy tax credit is still available or not.… Read the rest

Nov
21

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Energy Tax Credits for Home Improvements

Category: Energy Tax Credits, Tax Credits Tags: , , , , , ,

Get ready for the next tax season by knowing what home improvements you can make to qualify for energy tax credits.

Home improvements are more affordable and beneficial for you if you go with ones that fall under the Non-business energy property credit and the residential energy efficient property credit. So, let’s jump in and get started.

Non-Business Energy Property Credit
Energy Tax Credits for Home

With this credit, homeowners can claim 10% of eligible home improvements (excludes labor/installation fees).

  • Qualified energy efficiency improvements – Insulation, exterior windows, storm windows/doors, metal, and certain asphalt roofs
  • Residential energy property expenditures – electric heat pumps, central air conditioning, natural gas/propane/hot water boilers, natural gas/propane/oil furnaces, advanced main air circulating fan used in natural gas/propane/oil furnaces, and biomass fuel stoves.
… Read the rest