I am working my way through our taxes. In Sept. 2022, we had a bad hurricane where we live. I have organized our hurricane losses for the CPA to look at. However, I have a question - we purchased “Hurricane Windows” for our house in 2021. They finally arrived in 2022 and were installed in early 2022. We paid a balance due of $14,252 (2/3 balance due) - (1/3 down payment was paid in 2021). I am pretty sure they would not be considered “hurricane losses.” So, are they just a home improvement, and no where to get any type of tax credit? I guess it’s just a home improvement?? Too bad we were smart, and bought them before the hurricane… because now I think there is some kind of tax credit for people buying hurricane replacement windows for their homes after Hurricane Ian… We may have bought too early… Anyway, thanks for your thoughts and info. I appreciate it. Still miss the old boards though …
Given the facts and circumstances you described, they are not a loss from the hurricane.
If they are energy efficient windows, you may be eligible for a 10% credit, up to $200 Go to the “Windows Doors and Skylights” link on this page to learn more: 2022 Tax Credit Information | ENERGY STAR
Not on a Federal level, just an improved credit for energy efficient windows from the Inflation Reduction Act that was implemented as of 1/1/23 Windows & Skylights Tax Credit | ENERGY STAR You may want to check with your insurance company to see if they give you a break on your insurance rates for having hurricane impact windows, or your state to see if they give any rebates.
I would point out that any time you make major improvements to your home, you should be contacting your insurance company to be sure those improvements are included in your coverage. I would hope that in a hurricane prone area, a replacing windows would prompt the insurance company to ask if they are hurricane impact windows, so that they can give any appropriate discounts. But since people may not be contacting their insurance company about improvements, I figured I’d better point it out. That said, I don’t really know if insurance companies give a break for hurricane impact windows, since when I lived in a hurricane prone area, I didn’t have them. But since they do give a break for loss prevention things like security systems, I figured that hurricane impact windows might qualify for one.
Funny, and not in a good way. We have a hard enough time getting the right answer out of our insurance agent when we ask the right question, assuming they get back to you at all. And yes we have switched companies, but never seem to get a better one.
IP,
happily in the process of selling off properties
Thanks everbody for all the tips and info. Yes, we have contacted our insurance company and gotten a small deduction for the hurricane impact windows. We previously had steel hurricane shutters or panels, so had gotten deductions for having those anyway. I have been looking onto IRS Form 5695 to get a “Residential Energy Tax Credit.” You guys pointed me in the right direction, so thanks for that! They sure don’t make it simple. Thanks again.