If You Added Home Insulation in 2014, Don’t Forget the Federal Tax Deduction

Tax Credits PhotoAdding insulation is one of the best ways to lower your energy bills. Many smart homeowners in the Kansas City area added insulation to their homes with A+ Insulation in 2014. If you are one of these homeowners, you are eligible for a federal tax credit. Just how much money can you claim on your 2014 taxes? Here’s a breakdown to make sure you get every penny you deserve.

How Much Can You Claim for Adding Insulation Installation?

If you add insulation to your home, you can claim 10% of the cost, up to $500. So, for instance, if you paid $2,000 to insulate your home, you can claim $200 on your 2104 taxes. These claims do not include installation costs, just the product costs are eligible. Also, these deductions are not valid for 2015. You must have already added insulation prior to Jan. 1, 2015.

What Insulation Products Qualify?

Your basic bulk insulation products qualify including batt insulation, blown-in insulation, rigid boards, expanding sprays and pour-in-place insulation. Air seal products such as weather stripping, caulk, house wrap, and spray foam designed to air seal also qualify providing they come with a manufacturer’s certification statement.

Don’t Miss These Other Tax Credits

Also, there are other tax credits available for making your home energy efficient. Heating and air conditioning improvements such as a new furnace, AC, heat pump, boilers, and water heaters qualify. New roofs and windows and doors also qualify. Visit the Energy Star website for more details.

As far as we know, 2015 improvements don’t have any official tax credits associated with them, but the government is notorious for extending tax credits. No matter if it qualifies for a tax credit or not, adding attic and wall insulation to your home will save you money on energy bills. Give A+ Insulation a call if you need home insulation. Call us at 913-281-2250 or 816-268-7511.