Getting the Most Out of Your Home Improvements

Thinking about getting a new home improvement? Check here first for some information on what counts. The following products all offer energy tax credits:

o Biomass stoves

o Heating, ventilation, air conditioning

o Insulation

o Roofs (metal and asphalt)

o Water heaters (non-solar)

o Windows, doors, and skylights

o Storm windows and doors

Other products have a cap well below the $500 threshold, but these can be combined to reach the credit requirements. Windows and advanced main air-circulating fans have limits lower than other improvements. Also, before installing or purchasing anything, it is best to make sure the product meets Energy Star’s requirements for the credit. A list of appliances and guidelines can be found at EnergyStar.gov.

To claim your energy tax credit, make sure the improvement is eligible according to Energy Star, save all the purchasing receipts, and file IRS Form 5695 with your taxes.

For a full list of information regarding the tax credit, please consult the IRS, your tax preparer, or a qualified expert. The preceding information is not intended to be tax guidelines.

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