Getting a Tax Credit for Replacing My Roof
There is no doubt that getting your roof replaced can be a stressful endeavor. You probably are wondering just how you will be able to pull it off without breaking the bank. Well, the good news is that in some cases you will not only be able to replace your roof but also get a tax credit for doing so. You are probably wondering how? TitanUpgrades.com will not only go the extra mile to provide energy efficient roofing solutions, but they also have experts that can help you with these and other money-saving roofing opportunities. Here are some tips to help you get started on that:
Determine your eligibility.
First of all, you need to figure out if your particular situation is eligible or not. In order for you to qualify, there are a number of factors that must be true:
The roof is for your primary residence.
In other words, this is a home that you live in on a full-time basis. Moreover, the house cannot be one of your rental homes either.
The roof is of a certain type.
At present, the only roofs that are eligible are reflective roofs. Additionally, any type of roof coating is not eligible for the tax credit.
Look for an energy star roofing system.
It is also important that you have a solar roofing system installed that has an Energy Star rating. You will qualify for the tax credit simply because the U.S. Congress extended it in 2015 and made it last until 2019. If you are reading this after 2019, don’t fret; you can still qualify for the tax credit on a reduced rate until 2022.
Follow the appropriate steps.
After you have determined whether you have selected the right roof, it is time to follow the correct steps to get the tax credit. Of course, you won’t see the savings until after you file your taxes, but it will be well worth it. First of all, you will need to file IRS Form 5695.
Save all required documentation.
When you claim this tax credit, there will be a number of questions that you will need to fill in. That is why it would strongly behoove you to save any documentation from your Manufacturer’s Certification. That way it will be much easier to retrieve all of the needed data.
Don’t qualify with Uncle Sam? Look into other options.
Even if your roofing project doesn’t necessarily qualify for the federal government, there are plenty of ways to get savings locally. For example, you should definitely look into getting some savings from your local utility. Many of them will offer solid rebates if you install an energy saving roof replacement. Just do your research and you are sure to find the savings you desire!