There are a lot of weighty decisions to make if you are considering renovating your home or other
real estate. These decisions just don’t include what kind of tile to place or ceiling fan to install. There are a lot of advantages that can be enjoyed if you consider the benefits of state and federal tax credits too! The Equifax Finance Blog explores some ways to capitalize on these in the new article, “
Using Your Home Renovation to Maximize Tax Benefits.”
One of the most important
tax deductions to consider is for energy-efficient renovation and replacement ideas. Often, everything from low or selective flow toilets to solar panels will have a tax credit, and these innovations will save you money in the long run and make it easier to sell your property.
You can also keep an eye out for tax holidays, the next of which is in October. During these three days, there’s a special $1,500 tax holiday for energy and water efficient products. You might even be able to double down and enjoy the holiday and federal benefits, but you will need to stay up-to-date on when federal incentives change. You will also want to plan ahead, as there can be huge competition during the sales tax holidays for popular items.
For more information about taxes, credit, real estate and more personal finance advice, explore the
Equifax Finance Blog.