Installing equipment such as solar panels, solar hot water heaters, certain wind turbines and fuel cells may be an effective way for you to lower your utility bill and potentially save on your taxes. The Inflation Reduction Act of 2022 expanded on the tax incentives.
In addition to federal tax credits, state programs for renewable energy and energy efficiency, which exist across a wide range of technology types, are also available and can offer significant tax saving opportunities.
Regardless of potential tax credits, improvements that add to the value of your home and prolong its useful life can get added to the basis of your home. With housing prices soaring, you may need that increased basis to decrease a potential taxable gain later.
Let us help you.
Please contact our office today at (972) 503-1040 to discuss your goals. As always, planning ahead can help you maximize your financial situation and position you for greater success.
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The possibility of capital gains tax should be understood before selling your residence. Tax surprises here could be costly!
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