Tax Credit Available If You Bought an Insulated Garage Door In 2009
Installing an insulated garage door can significantly reduce your home heating bills, but did you know that Uncle Sam is also offering a significant tax credit if you buy that insulated garage door anytime between January 1, 2009 and December 31, 2010?
An insulated garage door can make a remarkable difference in the temperature of your home. If you garage is attached and your garage door is not insulated, the room next to the garage is often the coldest room in the house. If you live in a two story home, then the room above the garage is also about the same temperature as your refrigerator. In the summer you have the reverse problem of trying to cool those same rooms as cool air from your air conditioner is pulled out through your old style garage door.
Aside from the money you can save by installing an insulated garage door, they also improve your home’s appearance and add to its resale value. Your house will be more attractive to prospective buyers because it will look nicer and they know those insulated doors will help keep their heating bills down.
And, as an added benefit, if you replaced your old garage door in 2009, or you plan to replace it in 2010, you may very well save yourself up to $1500 right off the bottom line of your tax return. On February 17, 2009, President Barack Obama signed a stimulus legislation that provides tax credits for people who make energy saving home improvements. And insulated garage doors are included as one of the qualifying improvements.
By replacing your old garage door with an insulated garage door you’re not only reducing your energy consumption, you’re also lowering your heating bill AND the door will pay for itself with the tax incentive you receive. Here are 3 tips to make sure your garage door qualifies you for that tax incentive.
Insulated Garage Door Tax Tip #1
Your tax credit will be based only on the total material cost of the insulated garage door. This does not include installation. And the maximum amount you can claim is $1500 over the lifetime of the credit. The incentive is equal to the sum of 30 percent of all qualifying energy saving home improvements make throughout an existing home in 2009 and 2010. So save you a receipt for everything you do that qualifies as an energy saving improvement. Weather stripping, window coverings, a new water heater, everything that has to do with reducing your energy bills. At the end of the year, total them up and depending on the improvements you made, you may just have enough there to cover the entire cost of that new garage door.
Insulated Garage Door Tax Tip #2
The new insulated garage door must be a part of your principal U.S. Residence, it must be installed on an insulated garage and it must be expected to remain in service for at least 5 years.
Insulated Garage Door Tax Tip #3
If your new insulated garage door has a window, it must offer a Solar Heat Gain Coefficient (SHGC) equal to or less than 0.30. Before buying, ask the dealer to make sure your insulated garage door qualifies.