Tax Credits for Replacing Your Roof

Published: January 05, 2015

By:

 

Did you literally put a new roof over your head? You may be eligible for a $500 energy tax credit.

 

 

If you added a heat-efficient metal or asphalt roof to your house last year, you may be able to claim a $500 energy tax credit by filing IRS Form 5695 with your return.

Tax credit limits and deadlines:

  • 10% of expenditures, up to a lifetime $500, for all energy improvements combined.
  • A relevant roof must have been installed by Dec. 31, 2014.
  • Save receipts and labels.
  • For roofs, installation isn’t covered.

See Energy Star for guidelines on what exactly is covered. It’s your safest bet for information on how to get the credit.

Be warned that not all roofs, not even all roofs with the Energy Star seal, will qualify. Only specially manufactured roofs, as listed on the Energy Star site, are eligible.

Don’t rely solely on contractors who may not know the details or who promise their products will get the credit in order to make a sale.

 

Gil Rudawskyhas covered business and consumer issues for 18 years, most recently as a deputy editor at the Rocky Mountain News. He lives in a house built in the 1930s, and always keeps the home’s character in mind when making upgrades.

Read more: http://www.houselogic.com/home-advice/tax-credits/tax-credits-replacing-your-roof/#ixzz3uVEQ7VR8
Follow us: @HouseLogic on Twitter | HouseLogic on Facebook

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: