Are There Any Tax Credits for Home Renovations?

Are There Any Tax Credits for Home Renovations?

Are There Any Tax Credits for Home Renovations?

Tax credits available for home renovation as of 2015 are related to the installation of alternative energy resources, such as solar panels and water heaters, fuel cells, small wind turbines and geothermal heat pumps. Homeowners can take a credit for 30 percent of the cost of these items, advises TurboTax.

Homeowners must take the entire credit in the year that they install these items. The Internal Revenue Service limits the credit for the installation of fuel cells to primary residences, but homeowners can take a credit for the other items when they install the resources in vacation homes, notes TurboTax.