Still a few months left to take advantage of tax credits for 2011
Did you miss out on the $1500 energy tax credit? Did you know there are still tax credits out there? Tax credits for windows and doors are still available. Qualifying doors receive a $500 credit and windows a $200.
Here are the details.
Tax credit: 10% of cost of the home improvement, up to a maximum of $500.
Partial tax credits: Of the $500 total credit, some purchases have their own maximum credit. We’ll detail those in the section below. (Example, windows have a max of $200 tax credit now.)
Expires: December 31, 2011
Provisions: Must be on an existing home & your principal residence. New construction and rentals don’t qualify.
Some of the tax credits will take into account installation costs, while other credits do not. To find out if your product is included, and whether you can include installation costs, check the government site.
How Do I Apply For The Tax Credit?
To claim the energy efficient products tax credit, you’ll need to claim the credit on your 2011 taxes in 2012. There will be a form from the IRS to send in with your return. The product has to be placed in service in 2011.
Reduction Of Energy Efficient Home Improvement Tax Credit Reduces Stimulative Effect?
Since the tax credits have been greatly reduced this year, most believe that it will reduce the likelihood that people will take advantage, and by extension -reduce their stimulative effect. This program seems to be nearing an end to take advantage while the stimulas is in effect!