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Discovering Tax Credits That Enhance Homeowner Benefits

By
Real Estate Broker/Owner with Morningside Homes, LLC 720-231-5200 DRE# ER300941
 

Owning a home not only provides a sense of stability and pride but also opens doors to potential tax benefits. As a homeowner, understanding tax credits can significantly impact your financial well-being. Let's delve into some key tax credits and deductions available to homeowners and how they can help you maximize savings.

If you've made energy-efficient improvements to your home in the past year, you may qualify for the Residential Energy Efficiency Property Credit. This credit allows you to claim a percentage of the cost of qualifying energy-efficient upgrades, such as solar panels, energy-efficient windows, and HVAC systems, up to certain limits. Not only do these upgrades help lower your utility bills, but they also contribute to a more sustainable future while providing tax savings.

Another valuable tax credit available to homeowners is the Residential Renewable Energy Tax Credit. This credit applies to the installation of renewable energy systems, such as solar panels, geothermal heat pumps, and small wind turbines. Homeowners can claim a percentage of the cost of these systems as a credit on their federal income tax return, reducing their tax liability dollar for dollar.

For homeowners looking to make their homes more accessible and accommodating, the Disabled Access Credit can provide financial assistance. This credit covers a portion of the expenses incurred when making eligible improvements to accommodate individuals with disabilities, such as installing ramps, widening doorways, and modifying bathrooms. By taking advantage of this credit, homeowners can improve the livability of their homes while reducing their tax burden.

As a homeowner, understanding and leveraging these tax credits can lead to significant savings and benefits. They can not only reduce your tax liability but also enhance the financial rewards of homeownership in lower maintenance costs. Be sure to notify your tax professional about the expenditure so they can explore all available options and maximize your savings.

Posted by

Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas 

Chris and Patty

Helping Families Move with Care

If you would like to be sent properties on a daily or weekly  basis just call or email me and let me know your wants and needs. A match will be made with a home you love and with monthly payments you can afford. I specialize in first time home buyers and sellers who are ready to downsize or move to a larger home as the family grows

Morningside Homes, LLC
patty@morningsidehomes.com
www.morningsidehomes.com
Cell: 720-231-5200                      
CRS,GRI,WCR,SFR,CNE, MRE

 

Comments(7)

Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

This is a great post, with great info, thank you for sharing!

May 18, 2024 08:07 AM
Patty Clark

You are welcome.  This information will come in handy for the elderly at some point when they downsize.

May 31, 2024 11:17 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information to share.

Have an outstanding weekend and a very productive month.

May 18, 2024 08:24 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Patty great information about available tax credits!!!

For homeowners looking to make their homes more accessible and accommodating, the Disabled Access Credit can provide financial assistance. This credit covers a portion of the expenses incurred when making eligible improvements to accommodate individuals with disabilities, such as installing ramps, widening doorways, and modifying bathrooms. By taking advantage of this credit, homeowners can improve the livability of their homes while reducing their tax burden.

May 18, 2024 09:03 AM
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Sometimes upgrading can get you a credit from utility companies as well, such as new heat pump or insulation.

May 18, 2024 09:46 AM
Patty Clark

Our utility company gives credit for upgrading thermostats and sprinkler systems.

May 31, 2024 10:48 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing these tax benefits, make it a great Saturday and enjoy your

weekend!

Bill Salvatore, Realtor- Arizona Elite Properties

May 18, 2024 10:59 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
May 20, 2024 04:16 AM
Patty Clark
Morningside Homes, LLC 720-231-5200 - Denver, CO
Helping Families Move with Care

Thank you. I hope your year is as successful as you want it to be.

May 31, 2024 10:44 AM