If you have been considering making changes to your home you may want to remember that when it comes to home tax credits the end of the year is almost here. The past few years have included a variety of energy tax credits for the home, credits that have reduced this year compared to last year, but a credit is a credit nonetheless.
Here is a sampling of what warrants a tax credit in 2011:
- Biomass stoves
- HVAC systems
- Water heaters (non-solar)
- Roof replacement
- Windows, doors, and skylights
- Storm windows and doors
The above items are capped at $500, and any credits taken in previous years count against the credit. Some home improvements actually cap out at $300. The amount of credit went down significantly from 2010 to 2011, who knows what will be offered next year. In today’s economy every penny counts, and if replacing a door can offer a credit come April it may be better to replace it now than next year when a credit could be less or non-existent.
Click here to visit the Energy Star website, which can help you understand how to apply for the credit and give you a full rundown of what the amount of credit can be for each home improvement item.