7 Tax Deductions and Credits That Many People Often Overlook 1. Energy-efficient home improvements Have you ever completed any home-improvement projects that made your home more energy efficient? Perhaps new insulated windows, new doors, or a new roof? The good news is the Non-Business Energy Property Credit allows you to claim up to 10% the cost of these repairs (with windows not to exceed a $200 credit) up to a maximum lifetime credit of $500. In other words, if you claimed $300 on this credit in 2011, you may still claim up to an additional $200, but as the IRSs website warns, be careful to ensure that you have the manufacturers credit certification statement. Otherwise, the improvement may not qualify. In addition, the Residential Energy Efficient Property Credit, which runs through 2016, allows you to write off 30% of your costs to put alternative energy equipment in your home, such as solar water heaters or wind turbines. There is no limit on the tax credit you can receive here, and better yet, you can carry the credit forward until its used up.
Posted on: Wed, 22 Jan 2014 21:30:00 +0000
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