New Energy Efficient Home Improvement Tax Credit: Your 2024 Guide
The Department of the Treasury and IRS have released crucial guidance (Revenue Procedure 2024-31) for the Energy Efficient Home Improvement Credit , offering homeowners up to $1,200 annually for qualifying improvements. Key Qualifying Improvements: Insulation (walls, roofs, floors) Energy-efficient windows, skylights, and exterior doors HVAC system upgrades Energy-efficient water heaters Credit Breakdown: Insulation: Up to $800 Windows: Maximum $600 HVAC Systems: Up to $600 To ensure compliance, manufacturers must follow specific certification procedures, and taxpayers must maintain detailed documentation of improvements and costs. The credit can be claimed through IRS Form 5695 during tax filing. This initiative not only helps reduce your tax liability but also promotes energy efficiency in homes. For expert guidance on maximizing these tax benefits, contact Sai CPA Services: Facebook: AjayKCPA ...