For this credit, the IRS distinguishes between two kinds of upgrades.
The second category is "residential energy property costs." It includes:
You can claim a tax credit for 10% of the cost of qualified energy efficiency improvements and 100% of residential energy property costs. This credit is worth a maximum of $500 for all years combined, from 2006 to its expiration.
When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan.
In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.
Click this link for a detailed article on what refinancing costs you can or cannot deduct.
For this credit, the IRS distinguishes between two kinds of upgrades.
The second category is "residential energy property costs." It includes:
You can claim a tax credit for 10% of the cost of qualified energy efficiency improvements and 100% of residential energy property costs. This credit is worth a maximum of $500 for all years combined, from 2006 to its expiration.
When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan.
In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.
Click this link for a detailed article on what refinancing costs you can or cannot deduct.