You have finally decided to make some long awaited improvements on your home. As you finalize your plans you should really consider taking advantage of potential tax credits for your home.
Make sure you incorporate upgrades that not only will improve the look of your home but its energy effectiveness. There is still time to take advantage of the Residential Energy Credits that have been around for the last few years. This is the last year for tax payers to take advantage of them unless Congress decides to extend it once again.
The following products below are eligible for tax credits through 2011 on your primary residence:
|Insulation||10% of the cost up to $500|
|Roofing||10% of the cost up to $500|
|Water Heater (non-solar)||$300|
|Windows, Doors and Skylights||10% of the cost up to $500 but windows are capped at $200|
As you plan where to start your remodeling, remember to begin with the products that you can benefit from on your tax return. These Residential Energy Credits are due to expire in 2011 and you must have your energy efficient improvements installed and ready for use prior to the end of the year in order to take the credit. Keep in mind if you have already claimed $500 or more in Residential Energy Credits from 2006- 2010 you are not eligible for anything more.