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Accounting & Taxes
September 1, 2021

Home Upgrades to Save on Your Taxes

Post By:
Angela Harms, CPA
Director of Tax & Accounting
Daszkal Bolton
Guest Contributor:

Upgrades to your home can not only increase the value of your asset, but also save you money in utility bills and taxes! The “Non-Business Energy Property” credits have been extended through December 31, 2021 and offer a great opportunity for homeowners this year.

Ready to get started? Here are the types of home upgrades that qualify and the credit amounts you can expect to get.

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  • Air Source Heat Pumps
  • Central Air Conditioning (CAC)
  • Gas, Propane, and Oil Hot Water Boiler
  • Gas, Propane, and Oil Furnaces and Fans
  • Water Heaters (non-solar)
  • Advanced Main Air Circulating Fan
  • Biomass Stove
  • Insulation
  • Roofs (Metal and Asphalt)
  • Windows, Doors, and Skylights
  • Geothermal Heat Pumps
  • Small wind turbines (residential)
  • Solar Energy Systems (including solar water heaters)
  • Fuel Cells

Visit Blue Energy Star for specific details on each of these qualifying items, and when shopping, don’t forget to look for their logo!

The tax credit amounts are:

  • 30% for systems placed in service by 12/31/2019
  • 26% for systems placed in service after 12/31/2019 and before 01/01/2021
  • 22% for systems placed in service after 12/31/2020 and before 01/01/2022

The tax form that you would file to claim these credits is IRS Form 5695.  You can find out more details on this here.

Now that you know your options, be sure to consider these upgrades when making the next investment in your home.  Feel free to reach out to me with any questions you may have about qualification or the filing process.