Thursday, January 31, 2013

Tax Reminder - 10% Credit Retroactivity

Just a friendly reminder (hopefully) before you have gotten too deep into your 2012 taxes. If you upgraded the insulation, windows or other selected energy improvements to your home in 2012, it may be NOW eligible for a 10% tax credit.

To be eligible, the improvement must be up to certain levels, based on where you live. For instance, in Wichita, KS, if you added attic insulation, it would eligible for the 10% credit on materials if it's up to R-38, as per the 2009 International Energy Conservation Code (IECC), which is the new benchmark. If you're curious about if your improvement counts, I would poke around online or contact the company that did the work.

A reasonable summary of the rules and paperwork can be found here.

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