Do You Qualify For Home Improvement Tax Credits?
- by Kathy Price-Robinson (RSS feed) on Feb 12th 2010 2:30PM
Photo: Getty Images
That scenario could very well happen if you've taken advantage of the federal tax incentives now available for making your home more energy efficient. Haven't gotten around to upgrading your home yet? You should. Not only do you get tax breaks, but your home ends up more comfortable and more durable. Plus, any investments you make now will save you money on utilities for a long, long time.
So, what products qualify? And how do you do the math?
Photo: Corbis
According to ENERGY STAR, there are currently two levels of tax credits.
1. The first one allows you to deduct 30% of what you spent on things like energy-saving windows, doors and insulation -- up to $1,500.
2. The second level includes big-ticket items like solar panels and allows 30% tax credit with no upper limit.
Let's look at a simulated example using the $1,500 limit:
Your federal taxes due for 2010: $2,000
What you spent on energy-efficient windows and doors: $5,000
30% of what you spent: $1,500
Revised taxes due: $500
Here are some of the energy-efficient items that qualify for a federal energy tax credit. Note that installation costs are not included with every item:
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