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 and rentals 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 for 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
For record keeping, save your receipts and the Manufacturer Certification Statement
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.
