Are you a Landlord?
Are you a Landlord? The Inflation Reduction Act has some tax benefits that Don’t appear to have anything to do with inflation but hey, why not take advantage. If you lease a portion of your primary dwelling, then several IRA tax breaks or rebates apply to you:
Electric stove, cooktop, range, or oven: If you purchase one of these electric appliances, you may be able to receive a full rebate depending on your area and household eligibility. These electric appliances offer better energy efficiency than gas stoves and will reduce pollutants in your living space.
Electric heat pump clothes dryer: Depending on household eligibility, a purchase of an electric heat pump clothes dryer may be covered for 100% of the purchase and installation costs with available rebates.
Solar panels: When you put in solar panels, you can receive up to 30% of the installation cost back in federal tax credits. Additionally, if your state offers incentives for installing solar panels, you can claim compensation from both state and federal entities.
Weatherization services: Working to reduce how much energy your home leaks can also provide tax breaks and rebates. When you conduct a home energy audit to find where your home is leaking most, you can receive up to $150 back. If you replace an external facing door, you can receive up to 30% of the project cost, up to $250 (limit of two external facing doors per year). When you replace windows, you can receive up to 30% of the project cost back, up to $600. You can also claim 30% of project costs for improving your insulation and sealing air spaces, up to $1,200.
Energy efficient heat pumps and heat pump water heaters: The IRA could cover these purchases up to 100% with available tax credits and rebates, depending on household eligibility.
Electrical breaker box and/or wiring upgrade: With new upgraded appliances, you may need to upgrade your electrical box, and some of this upgrade is covered, 30% of the project up to $600 through rebates and tax breaks.