Can homeowners deduct the cost of their kitchen remodel on their 2013 taxes? How about the interest on the home equity line they used to fund their bathroom upgrades?
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By Melissa Dittmann Tracey, REALTOR® Magazine
Spread the word to your sellers and clients: Time is ticking to complete home renovation projects if they want to cash in on a tax deduction that expires at the end of the year. Tax credits are available for home owners who do upgrades that help them save energy and reduce their utility bills such as with more energy-efficient windows and doors, insulation, and heating and cooling equipment.
You can qualify for up to $1,500 in tax credits when filing 2010 income tax returns. Home owner have until Dec. 31 to qualify for the tax credit.
Home owners can take advantage of the tax credit (Internal Revenue Code Section 25C) for efficiency upgrades made to existing homes, such as for certain types of insulation, windows, roofs, water heaters, heat pumps, furnaces and air conditioners. Tax credits are available for 30 percent of the cost up to $1,500 for 2009 and 2010.