Saturday, January 23, 2010

Tax Time Alert for Homeowners

As you prepare to do your tax work for 2009, you need to think back about what you've recently done as far as home improvement. Federal tax credits are in place for energy-saving improvements. The following list shows what you can claim for 2009. Remember, credits on your federal income tax increase your refund or reduce the amount you owe in taxes. It's well worth your time and energy to dig out receipts and refer to manufacturer's tax credit certification to see if you qualify. Other good sources of information include IRS Publication 553 and IRS Form 5695.
You can claim:

Exterior doors, windows, and skylights
Metal or asphalt roofs with qualified coatings
Insulation material or system to reduce heat loss
Energy-efficient building property
Natural gas, propane, oil furnace or hot water boiler
Air circulating fans used in natural gas, propane, oil furnace
Solar water heating costs
Solar electric costs
Fuel cell property costs
Small wind energy property costs
Geothermal heat pump property costs

You CANNOT claim energy-saving light bulbs, Energy Star appliances, low-flow showerheads, or low-flush toilets.

Many of these energy-saving improvement credits remain in place for 2010 so do the research to see what gives you the best return on your remodeling dollars.

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