Tax Credits for Consumers:
Home Improvements
Tax credits are now available for home improvements:
must be "placed in service" from January 1, 2009 through December 31, 2010
Must be for taxpayer's principal residence, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems (where second homes qualify)
$1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements.
EXCEPT:
Geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems which are not subject to this cap, and are in effect through 2016. Must have a Manufacturer Certification Statement to qualify.
Record keeping:
save your receipts and the Manufacturer Certification Statement.
To Claim:
Improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010.
If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind energy systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters. More.
SUMMARY OF TAX CREDITS FOR HOMEOWNERS
Check to see if you have Home Performance with ENERGY STAR in your areas. Adding insulation to your home is covered. Windows & Doors Windows, Doors, and Skylights Before June 1, 2009: Must meet ENERGY STAR criteria
After June 1, 2009:
Roofing Metal Roofs,
Asphalt Roofs All ENERGY STAR qualified metal and reflective asphalt shingles 30% of cost, up to $1,5001 FAQ on Roofs.
Subject to a $1,500 maximum per homeowner for all improvements combined.
Source: energystar.gov/taxcredits
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