Energy Efficient Home Improvement Tax Credit For 2011

The home improvement tax credit we've had for the past 2 years allowed homeowners to claim up to 30% of cost of the home improvement, up to $1,500. The amount of that credit is substantial enough that a lot of people were deciding to finally upgrade old windows or doors - $1500 was just too much to pass up.

That tax credit is expiring on December 31st, 2010 (so act this week if you want in!). The tax cut package passed last week passed a new version of the tax credit for 2011, but the amounts have been reduced. Here are the details.

Home improvement tax credit: 10% of cost of the home improvement, up to a maximum of $500.
Expiration: December 31, 2011
Eligibility: Must be on an existing home & your principal residence. New construction and rentals don't qualify.
Reduced max credits: Some items have reduced maximum tax credits now as well. Details below.
So you can receive at most a home improvement tax credit of $500. If you've already received credits totaling $500 or more from 2005-2010, you aren't able to claim the credit in 2011.