Reblogged from Housing Wire – Brena Swanson
It’s tax season again. While you might not be jumping for joy at the thought of this, let’s at least make sure you’re doing your due diligence and gaining all the benefits you can from tax deductions that apply to you. And maybe when this is done, you’ll change your mind since that all-important number at the end will finally be a glowing green, positive number. The mortgage interest deduction might be one of the first ones to mind, but it’s definitely not the only one.
With the help of Annie Fairchild at AFairchild PC, a CPA firm in the DFW metroplex, HousingWire complied a list of four tax deductions to maximize your IRS refund.
1. Residential energy credits
There is a Residential Energy Credit for certain “Qualifying Property” used in a home/residence. For 2015 and 2016, the credit is equal to 30% of the cost of the property.
How to qualify:
Qualifying solar heating property is any property used to heat water for use in a dwelling unit that receives at least half of its energy from the sun (note that none of the cost allocated to heat a swimming pool or hot tub may be considered a qualified expenditure).
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