Thursday, October 8, 2009

Proposed Home Renovation Tax Credit

Keep those receipts organized and ready for tax time! Enhance your home while increasing value!
Here are some examples of eligble expenses:
  • Renovating a kitchen, bathroom, or basement
  • Windows and door
  • New carpet or hardwood floors
  • New furnace, boiler, woodstove, fireplace, water softener, water heater, or oil tank
  • Permanent Home ventilation systems
  • Central air conditioner
  • Permanent reverse osmosis systems
  • Septic systems
  • Wells
  • Electrical wiring in the home (e.g., changing from 100 amp to 200 amp service)
  • Home Security System (monthly fees do not qualify)
  • Solar panels and solar panel trackers
  • Painting the interior or exterior of a house
  • Building an addition, garage, deck, garden/storage shed, or fence
  • Re-shingling a roof
  • A new driveway or resurfacing a driveway
  • Exterior shutters and awnings
  • Permanent swimming pools (in ground and above ground)
  • Permanent hot tub and installation costs
  • Pool liners
  • Solar heaters and heat pumps for pools (does not include solar blankets)
  • Landscaping: new sod, perennial shrubs and flowers, trees, large rocks, permanent gardenlighting, permanent water fountain, permanent ponds, large permanent garden ornaments.
  • Retaining wall
  • Associated costs such as installation, permits, professional services, equipment rentals, and incidental expense
  • Fixtures - blinds, shades, shutters, lights, ceiling fans, etc.

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