Are New Windows Tax Deductible in 2024 in Venice, FL?

New windows transform the look of your Venice, FL home and make it more energy efficient. Replacing them in 2024 is a smart choice because they may be tax deductible. Find out more about how you can take advantage of this tax credit.

Tax Credit Requirements

While most replacement windows qualify for the tax credit, you must install them on your primary home. The credit does not apply to windows you buy for a rental home or vacation property. Also, the tax credit applies only to the cost of windows with an ENERGY STAR rating of 7.0 or higher.

How Much Can You Deduct?

The Internal Revenue Service (IRS) usually lets you deduct 30% of the cost of the windows. This only applies to the windows and not any other costs you incur. If you spend $5,000 on new windows and $2,000 on installation costs, you can only deduct 30% of the $5,000.

Types of Windows

Many types of windows qualify for the credit, giving you ample choices for your home. They include sash windows that slide up and down and casement windows that open out. You can also deduct the cost of new skylights or fixed windows if they have a high enough ENERGY STAR rating.

How to Claim the Credit

To save money on your taxes and claim this deduction, you need to file Form 5695 Part II when you file your taxes. The form is available on the IRS website, but your tax preparer can also get it for you. You also need a receipt or other proof of the amount you paid for the new windows and their rating.

Adding energy-efficient windows to your Venice, FL home can help you save money on heating and cooling costs and get money back when you file your taxes. Learn what hurricane-impact windows and others qualify for the deduction and get them installed by contacting JMI Windows & Doors.

Image provided by iStock

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