Remodel Your Home, Get a Tax Credit
If you can't afford to sell your home and you've got money set aside for remodeling, there's good news for you, thanks to the Feds.
The massive Recovery and Reinvestment Act signed by the president this month to help boost the economy contains tax credits that can benefit your 2009 or 2010 returns. There were credits for making energy-efficient upgrades to your home this year, but the new law increases their benefits and extends them into 2010. For instance:
- The tax credit has been bumped up to 30% from 10%.
- The $200 credit cap on new windows has been taken out. (Good thing, unless you're replacing one window that's a foot square in size.)
- The maximum credit you can receive for a year has gone up from $500 to $1,500. However, if you're making expensive improvements like adding a geothermal heat pump, a solar water heater or solar power cells, you can take a credit for a full 30% of the cost.
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