Connect with us

Hi, what are you looking for?

Finance

$2,000 Tax Credit Made Available Through Home Improvements

$2,000 Tax Credit Made Available Through Home Improvements
Homeowners can now get tax credits by upgrading with energy-efficient appliances. (Photo: USA Today)

Homeowners can now get tax credits by upgrading with energy-efficient appliances

$2,000 Tax Credit Made Available Through Home Improvements

Homeowners can now get tax credits by upgrading with energy-efficient appliances. (Photo: CNBC)

Homeowners to Get Tax Credits through Energy Efficient Upgrades

Tax credits are made available through the Inflation Reduction Act. This allows up to $10,000 in credit and rebates. Homeowners can be eligible if they make way for home improvements using energy-efficient appliances. They must make sure that they install new equipment to avail of the tax credit.

The list of eligible homes are as follows: houses, houseboats, mobile homes, cooperative apartments, condominiums, and manufactured homes. This comes with no income limits since there is a cap on the amount you can claim.

$2,000 Tax Credit Made Available Through Home Improvements

Homeowners can now get tax credits by upgrading with energy-efficient appliances. (Photo: The US Sun)

List of Equipment Eligible for Credits

You will be credited equivalent to the full cost of the equipment up to a certain cap says The US Sun. Here are the following items eligible for tax credits up to the maximum amount:

  • Air source heat pumps with a maximum credit of $2,000
  • Central air conditioner with a maximum credit of $600
  • Natural gas and propane hot water boilers with a maximum credit of $600
  • Biomass stoves and boilers with a maximum credit of $2,000
  • Natural gas and oil furnaces with a maximum credit of $600
  • Heat pump water heaters with a maximum credit of $200`
  • Natural gas water heaters with a maximum credit of $600
  • Electric panel upgrade with a maximum credit of $600
  • Exterior windows and skylights with a maximum credit of $600
  • Exterior doors with a maximum credit of $250 for each door, or $500 maximum for all doors per year.
  • Insulation materials with a maximum credit of $1,200

The maximum credit homeowners can get will be $2,000 a year in relation to the given list.

 

READ ALSO: $1,500 Tax Credit Deadlines, See Exact Dates Here

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *