Wednesday, May 1, 2024
Utah homeowners may be missing out on tax credits for improving their property.
Urban Living
Posted By Babs De Lay on May 1, 2024, 4:00 AM
The deadline to file your income taxes has passed, and I'll bet there are a lot of homeowners out there who aren't aware that there are many tax-deductible improvements that could help defer their overall taxes.
I'm not a CPA, but if any of these legit deductions ring true with your sitch you could probably amend your return to take advantage of the work you've done. Here's several that I might suggest you review:
—Energy Efficiency Home Improvement Credit: The credit for 2024 is 30% of the expenses you incurred to install energy savers like Energy Star HVAC systems, Biomass stoves that burn pellets and grasses and exterior windows that might be able to improve air flow in your home as well as reduce the amount of time you use your furnace or air conditioner.
—Going solar is an obvious no-brainer to not only get a simple tax deduction, but to help save the planet. I recall driving from St. George to Hurricane years ago and all that was on the horizon was beautifully colored hills and dunes. Now it's a landscape of new residential and commercial construction with the sad part that none or only a tiny number of homes have solar on their roofs. It's beyond me why, with such an increasing drain on our water resources and ever increasing energy costs from big utility companies, there aren't local and state laws requiring new construction/developers to use solar to power things like water heaters and air conditioners. Certainly, I don't wish to pick on Washington County, because all the highrises that have gone up recently along the Wasatch Front also stand out as having no major energy-saving systems other than Energy Star appliances and HVAC systems. We are missing rooftop solar on these skyscrapers to power even simple things like common-area lighting, swimming pool pumps, elevators, etc.
—As the Chair of the Salt Lake City Historic Landmarks Commission, I can't begin to tell you how many tax credits and deductions you may be missing out on if you are living in a historic home and currently renovating or planning on doing so. The credits can help not just with taxes but can save you money in the long run and can be for things as simple as replacing roof beams, old pipes and electrical, etc. There's a 20% nonrefundable tax credit for the rehabilitation of historic buildings that are owner-occupied or used as rentals. Call the State Historic Preservation Office at 801-245-7244 to get more information or go online to slc.gov/historic-preservation.
—There are tax credits if you need to retrofit a property to make it more handicap accessible, deductions if you add to your home office space or install a home security system and massive deductions/credits for a variety of things in rental properties. To get the best advice for your taxes, call a legit CPA.
About The Author
Babs De Lay
A full-time broker/owner of Urban Utah Homes and Estates, Babs De Lay serves on the Salt Lake City Historic Landmark Commission. A writer and golfer, you'll find them working as a staff guardian at the Temple at Burning Man each year.
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