Earn a Tax Credit for Energy Upgrades
It’s tax filing time! And if you’re like the majority of U.S. citizens, you’re looking to squeeze out every last credit imaginable in order to get the biggest tax refund you can. We’ve been talking a lot lately about the homebuyers’ tax credit, but what other home expenses are eligible to write off when filing your taxes? Read on to find out what else you can write off this year.
Well, if you made any energy-saving upgrades to your home in 2009, you’re in luck! The IRS will credit these upgrades, such as roof replacement, upgrading a heating or cooling system or adding insulation. For example, if your HVAC system is at least 10 years old and you install a qualified replacement, you can save up to $1,500 on your taxes. Ambitious upgrades, such as installing solar panels, can net credits up to 30 percent of the total cost of the project. Find out if your project met energy-efficiency standards by visiting energystar.gov.
Tags: Home Maintenance, real estate, Southeast Wisconsin, tax credit
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