If you made “green” improvements to your home last year, you could be in line for some decent tax breaks from the federal government.
Please note that this isn’t tax advice; we’re Realtors®, not tax professionals. If you have questions about whether you qualify for green energy tax breaks or any other questions relating to taxes, you should talk with a qualified tax professional.
What Green Tax Credits Are Available for 2016?
Nonbusiness energy property credits apply to your primary home if it was built before January 1, 2016. There’s a lifetime cap of $500 on these types of tax credits, though; you can’t keep upgrading and claiming the benefits from scratch.
You may be eligible for a credit if you have installed:
- A biomass stove
- A central air conditioning unit
- An air source heat pump
- An energy-efficient, nonsolar, tankless water heater
- A hot water boiler
- A furnace
- A new roof
- New doors
- Energy-efficient windows or skylights
You could get a credit for energy-generating upgrades, too. You may qualify if you installed:
- Small wind turbines
- Solar water heaters that aren’t used for pools or hot tubs
- Solar panels
- Geothermal heat pumps
- Fuel cells
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