Dont Miss out on Creditsrebatesdeductions for Your Property Upgrades

Don’t Miss Out On Credits/Rebates/Deductions For Your Property Upgrades

Published On: December 18th, 2018Last Updated: December 13th, 2018Categories: Hard Money, TaxesTags: , ,

A surprising number of landlords and business owners fail to claim tax credits and rebates for their energy-efficient or property upgrades. Don’t let that happen to you!

Manufacturers’ Rebates For Energy Efficient Products

Make sure that, despite all the chaos of house flipping or renting, you claim your manufacturers’ rebates for any qualified products. Many energy-efficient products offer energy-efficiency credits. That’s cash in your bank account. Don’t miss out! Check your receipts, because the rebates are generally written on them if purchased from a big box store. Also, check out this handy webpage to search for rebate offers in your zip code.

Tax Credits For Energy Efficient Upgrades

You might be eligible for a tax credit for qualified improvements or qualified homes meeting guidelines established by the U.S. Department of Energy. Be sure to have your accountant discuss form 8908 with you, so that you don’t miss out on any potential savings. If you live in a home for part of the year, but you rent it out for another part of the year, you actually might be able to claim tax credits typically reserved for your own residence.

Check out this excerpt from the IRS:

“Section 25D(e)(7) reads: Allocation in certain cases. If less than 80% of the use of an item is for nonbusiness purposes, only that portion of the expenditures for such item which is properly allocable to use for nonbusiness purposes shall be taken into account. This means if you live in the home less than 80% of the year, then you can only take a percentage of the credit based on the amount of time you actually occupy the home. If you live in this home for 6 months out of the year, then you can take 50% of the 30% tax credit.”

Did You Replace A Roof?

You should know that deducting for roof on business property is different this year. Section 179 lets business owners deduct the full cost of a roof replacement in the year it’s completed instead of depreciating over 39 years. Ask your accountant about the Section 179 tax deduction.

Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?

Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.