Old houses, often available at lower prices, present an opportunity for cost savings, especially if you're willing to take on renovations yourself, potentially resulting in substantial long-term savings and a valuable investment.
"Home improvement" encompasses not only structural alterations to existing homes but also enhancements to outdoor areas like lawns, gardens, and structures such as gazebos and garages, along with maintenance, repairs, and general servicing tasks.
For qualified energy-efficient home improvements made after January 1, 2023, and through 2032, you could be eligible for a tax credit of up to $3,200, while for improvements installed in 2022 or earlier, you should use previous versions of Form 5695.
Homeowners can benefit from tax credits for HVAC units purchased and installed between 2023 and 2034, with the specific credit amount varying depending on the type of heating and cooling system, and there are also several other tax credits available for homeowners embarking on home improvement projects.