Home ownership has it’s definate advantages. The Real Estate market goes up and the real estate market declines. We have all experienced the “joy” in an increasing home value scenario. We have also seen the damage caused when the prices of homes plummet and when Foreclosures and Short Sales are rampant. There just might be some “good news” with regard to the Future of Real Estate yet, stay tuned and subscribe to our Santa Clarita Real Estate Blog.
The energy tax credit for homeowners, in place for two years, expired at the end of 2010, however a new energy tax credit took its place earlier this month that offers a credit for window and door replacement. Windows and doors are responsible for letting fresh air into a home, as well as the culprit for many an air leak. Replacing old, inefficient doors and windows is known to recoup the most money when it comes time to sell. Replacing windows and doors this year will also get you a break come tax time.
Replacing doors can earn a homeowner up to a $500 tax break, window replacement can earn up to a $200 tax break. Doors, windows and skylights are eligible and must be installed by the end of 2011. There are a few stipulations to the tax credit.
- The home where the windows and doors are being replaced must be a primary residence.
- New construction and rental properties do not qualify.
- The credit is for 10% of the replacement costs, up to $500, windows capped at $200.
- Installation costs to not apply.
Energy efficient windows and doors can significantly reduce a home’s energy costs. By reducing the amount of energy a home consumes, a home is reducing its carbon footprint as well. In a nutshell, replacing windows and doors reduces monthly bills, increases the value of your home, and can help you at tax time.
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