Are You Eligible for These Tax Credits?
We can depend on tax time to come on time each year. You never want to miss out on tax breaks that are to your advantage, so following are several tax credits that you could be eligible for.
Rules Apply to Second Home
Mortgage interest paid each year on a regular home loan, a second mortgage or possibly a second home may be deductible. There are rules that apply to the second home, including the number of days that are spent there and how much of the year the second property is rented. Make sure to research this or consult someone with an accounting background.
Up to 30% of the cost of home energy efficiency improvements with energy efficient options (up to $1,500) can be claimed. This includes insulation, energy-efficient doors and windows as well as cooling and heating equipment.
Renewable Energy Additions
You can claim tax credits on all renewable energy additions made to the home. According to information provided by the Energy Department, you can get credit on all solar energy systems, including solar electric systems and solar water heaters, geothermal heat pumps, small wind systems and residential fuel cell systems.
If you are moving from one place to another for job-related reasons, you may be eligible for tax credits. It may be for your first position of employment or you may be transferring under the same employer. You will have to provide required detailed relocation information pertaining to your new and previous home.
If you’re unsure of your status and qualifications, please work with an accountant on the details before you file for any of these tax credits.