Claim renovation tax credit on 2009 filing
I would like to get some renovations done on my home. I don’t want to spend several thousand dollars and discover it does not qualify for the tax credit. Please comment.
Q. I would like to get some renovations done on my home: Re-shingling roof, new flooring, washer and dryer, new fence, snow removal, pool maintenance, window coverings, and painting. I don’t want to spend several thousand dollars and discover it does not qualify for the tax credit. Please comment. — Eddie
A. Homeowners must see if the job qualifies for the Home Renovation Tax Credit.
What: A home used as a principal residence would be eligible for the HRTC.
When: Expenditures incurred between Jan. 29, 2009, and Feb. 1, 2010.
How much: Expenditures must be between $1,000 and $10,000 for a maximum tax credit of $1,350. The credit reduces tax payable and will not result in a tax refund. Claim on 2009 tax filing.
Which: Expenses incurred qualify, provided the job is of an enduring nature that becomes a permanent part of the home.
Eligible expenses: Re-shingling, flooring, fence, window covering and painting.
Not eligible: Washer and dryer, snow removal and pool maintenance.
– Henry Choo Chong, CGA, can be reached at firstname.lastname@example.org.