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Tax Credits for Home Improvements

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Posted by: Claire Belby on Monday, February 2, 2015 at 11:30:00 am

Tax Credits for Home Improvements
No one wants to talk about taxes, we get it. But this post is about making sure your home is working for you in the tax arena. Did you make any of these home improvements in 2014?

Doors & Windows
If you replaced your windows or doors in 2014, you may be able to claim up to $500 in tax credits. You can claim up to a $500 tax credit for doors and up to $200 total for skylights and windows. That’s $200 total, not per window or skylight. The cost of installation doesn’t count, just the materials. Save all your receipts and labels and use IRS form 5695 labeled “Residential Energy Credits”.

Insulation
If you added additional insulation in 2014 that could be good for another $500 tax credit. Again, labor and installation costs don’t count. See the same IRS form 5695 for this one.

Energy Generation
Homeowners can receive a one-time federal tax credit of 30 percent of the cost of qualifying geothermal heat pumps, solar water heaters, solar panels, small wind turbines, or fuel cells placed in an existing or new construction home. On this one, the credit applies to the materials, labor and installation costs.

If you are preparing your own taxes, be sure to check irs.gov for the most up-to-date information. If a tax professional is preparing for you, alert them to all improvements you have made. They may uncover some other hidden gems!

Sources: Houselogic.com, TurboTax, IRS.gov
 

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