Windows, from a place like Jerry Newman Roofing & Remodeling, Inc., keep bugs and burglars from finding a way into your home. They also help stabilize your energy costs by locking heat inside of your home on chilly days and keeping your home cool when it's hot outside. Tax credits are another benefit of window replacement, and you may be wondering how you can take advantage of these money-saving credits when it's time to pay Uncle Sam. File for an ENERGY STAR tax credit after ensuring that you meet these requirements.
Make a Qualifying Purchase
A variety of windows and skylights qualify for the ENERGY STAR credit, but not every home-improvement product is eligible. A remodeling contractor can show you specific models that qualify for the credit. Models do not have to be constructed from a specific material, so you can search for eligible windows with frames made from any of the following:
You can also order a set of windows made from a combination of materials, such as wood and aluminum. Alternately, you can upgrade part of your home with one framing material and use a different material for the rest of the windows. This is a good option if you are aiming for an eclectic look or simply want to save money by using cheaper windows for the basement or attic.
Buy Windows During a Specific Time Period
ENERGY STAR tax credits were originally scheduled to end in December 2014, but the benefits were extended. Homeowners have until December 31, 2016 to purchase qualifying windows or skylights for their homes. If you are amending a prior year's tax return, you can claim an ENERGY STAR credit for windows that were installed anytime between the first day of 2012 and the last day of 2014.
Install Windows in Your Main Home
The ENERGY STAR credit covers windows that were installed in a homeowner's primary residence, even if that residence is a mobile home. It does not offer benefits for window replacement in timeshares or vacation homes. Some business owners can also request the credit, and an experienced window installation company can help you select qualifying windows for your commercial property.
Provide Proof of Purchase
When you file your taxes, you may be asked to verify the purchase amount of your ENERGY STAR windows. Make sure that you keep a copy of all correspondence regarding your window installation, including contracts and itemized receipts. You also need a copy of the Manufacturer's Certification Statement in case you are audited. This statement verifies that you purchased items eligible for the ENERGY STAR tax credit.
Other Information You Might Find Helpful
Windows and skylights are not the only products that qualify for the ENERGY STAR tax credit. If you are remodeling your entire home or business, you may also be able to claim the credit for any of the following items:
- Geothermal heat pumps
- Residential fuel cells
- Residential wind turbines
- Systems that run on solar energy
You do not have to purchase every single item on the list to qualify for the credit, but you are allowed to purchase more than one. You can file for multiple credits, such as a credit for new windows and a credit for your replacement door, or simply request a single credit for a product. If you decide you do not want the tax credit, you do not have to request it, even if you purchased qualifying products during a specific time frame.
Now that you know the eligibility requirements for an ENERGY STAR window tax credit, all you have to do is contact a skilled contractor. Schedule an appointment to request an installation or learn more about the benefits of ENERGY STAR windows in your home or office.Share