Couponcodesfor2015 has added an article explaining how home owners can take advantage of savings related to home improvements and tax credits related to energy efficiency . These are not deducted right away, the author says. The receipts and paperwork from these expenses will be needed for tax purposes during home sales
Energy efficiency tax credits are approved by Congress to encourage people to be more environmentally friendly. The Nonbusiness Energy Property Credit and Residential Energy Efficiency Property Credit are two mentioned. Installing skylights, solar powered water heaters, electric heat pumps, and more can qualify homeowners for these credits. Limitations of using them are explained, plus lifetime limits and credits related to specific upgrades.
Another aspect explained is tax-free profit on sale. Provided the homeowner meets certain criteria, they can shelter some profit tax free, given a single person uses the home as a primary residence for at least two years, during the prior five years. Married couples filing jointly can shelter a larger amount and have requirements related to time living there as well. Gains over the pre-determined limits have to be reported on Schedule D, the author reveals.
The author briefly mentions that other homeowner tax deductions are available , should the taxpayer qualify for them. He mentions discussing the matter with a tax preparer, along with home improvement credits they may be eligible for. Links are provided to additional information, to give the reader a more comprehensive look at how they can benefit from credits related to home improvement.
To learn more about tax credits for home improvement and energy efficiency, go to https://couponcodesfor2015.wordpress.com/2016/09/10/home-improvement-and-energy-tax-credits/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Address: 945 East 8th Street Suite A, Traverse City, Michigan 49686