Uncle Sam is encouraging homeowners to become more green by offering residential energy tax credits. Eligible energy-efficiency home improvements, such as adding insulation, can earn a tax credit of up to $1,500. More ambitious projects, such as installing solar panels, can net a credit worth 30% of the total cost.
Improvements must meet IRS energy-efficiency standards to qualify for a residential energy tax credit. Don’t assume an Energy Star label is enough. Save receipts and manufacturers’ statements certifying the tax credit-worthiness of the products. The IRS could ask for them.
Tax credit capped at $1,500
Replace aging windows, HVAC systems, and non-solar water heaters, install efficient biomass stoves, add insulation, or fix a worn roof, and you might collect a tidy credit come tax time. To encourage greater energy efficiency, homeowners can recoup 30% of the cost, up to $1,500, for making any of these qualifying upgrades during 2009 or 2010. Claim the credit for the year in which you complete the project.
The improvements must be made to your existing primary residence to be eligible. You can include the labor costs for HVAC, stove, and water heater installations; only the cost of materials counts for insulation, roofs, and windows (as well as exterior doors and skylights). Ask your contractor for a receipt that itemizes materials and labor. The IRS refers to the tax relief you can get for these projects collectively as the Nonbusiness Energy Property Credit.
Keep in mind that the $1,500 cap applies to all of the projects combined for both years. You can’t claim a $1,500 credit for new windows in 2009 and a separate $1,500 credit for a new furnace in 2010. A $5,000 project would max out the credit.
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February 2010
February 18, 2010
Liberty Mo Home for Sale on 14 Acres
TRUE RANCH HOME ON 14 ACRES, CUSTOM BUILT BY THE CURRENT OWNERS. COZY UP TO THE FIREPLACE WITH CUSTOM BUILT-INS, ENTERTAIN IN THE LARGE FINISHED BASEMENT, OR RIDE HORSES ON YOUR PRIVATE 14 ACRES. HUGE MASTER, TREX DECK, LARGE 36x36 BARN w/FENCE, WATER, ELECTRIC. FANTASTIC LOCATION, VERY PRIVATE BUT CLOSE TO HIGHWAY ACCESS. Liberty Schools
To view more photos of this home, visit http://www.clayandplatte.com
