Every year, the Federal government gives homeowners tax credits for specific home improvements. Although the official 2018 tax credits for window installation have not yet been officially released, we know they’re coming. And there’s a good chance they’ll look much like the tax credits over the last five to seven years. Tax credits are a great incentive for making necessary window replacements to your house. Here’s a brief overview of what you may expect based on last year’s numbers.
If you replaced any double-hung, casement, or egress windows or installed windows on a new home that meet Energy Star standards, you may be eligible for a tax credit. Replacements can be partial, meaning we don’t have to remove and replace every window or door. You can claim a credit if we carve out a new space for a window that wasn’t there before. The credits may be as high as 10% of the cost up to $200 for windows.
If you replaced any entry doors, garage doors, or interior doors that meet Energy Star standards, you might be eligible for a tax credit. Replacements can be partial, meaning we don’t have to remove and replace every window or door. You can claim a credit if we carve out a new space a door that wasn’t there before. The credits may be as high as 10% of the cost up to $500 for windows.
Although vinyl siding is not an eligible improvement for an energy tax credit, it still may qualify for a sales tax deduction in 2018.You can take deductions for the sales tax you paid on vinyl siding in Minnesota during 2017. Keep your receipts and deduct the sales taxes on your income tax return. The deduction applies to both new home installations and vinyl siding replacement.
How to File Your Tax Credit or Sales Tax Deduction
If you plan to claim your tax credit, then fill out an IRS Form 5695 (PDF) with your 2018 taxes. Keep a copy of the Certification Statement from the manufacturer and any receipts from the Manufacturer or Window World. To find out updated information after January 1st, 2017, we recommend that you visit the Energy Star Website.
Check out the 2019 Home Improvements Tax Credits You May Qualify For.
Schedule Your 2018 Installation Today
We are now scheduling Winter, Spring, Summer, and Fall installations in 2018. If you are planning to replace your windows, doors, or siding, contact us today and add your project to the calendar. Window World MN provides complete installation, repair, and replacement of all residential properties in the Minneapolis and St. Paul, Minnesota area. Call us today at 651-770-5570, or you can message us on our contact page.
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