Contractor Tips Blog

Jan
6

Residential Tax Credit

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Did you know you could get a tax credit just for updating your home’s windows or roof? The IRS offers a substantial tax credit when you make your home more energy efficient by improving the insulation of your home. With the end of 2015 drawing near, now is the time to get the new windows, insulation or roof you need and qualify to write part of the cost off as a tax credit on your 2015 tax return.

How the Tax Credit Works

The IRS will allow a tax credit for up to 10% of the purchase price of home improvement products that can decrease your energy use. This includes exterior doors, windows, roofing, insulation and even some furnace purchases. The products must be part of the pre-approved list of energy efficient options, often have the Energy Star rating. There are limits on the total amount of credit you can use, regardless of the total cost of your products.

To find out what products are covered, you can look up the list of covered products and how much you can use as a tax credit on the IRS website at www.irs.gov under individual tax credits for homeowners. The credit is only for the product costs, not to be used against the cost of installation.

Now is the time to upgrade your windows and roof to a more efficient option. You could save hundreds of dollars every year off your energy costs, plus get a tax credit you can use right away on your 2015 federal tax return. Some states also offer an energy credits toward their state tax returns. To learn more, talk to your tax professional and call a local contractor that installs energy efficient roofing and windows today!

Posted on behalf of:
Atwood Home Builders
227 W 8th Ave
Homestead, PA 15120
(412) 638-1262

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