New Federal tax credits for Home Improvements!

[Rod]

The Feds have increased the the tax credits big time. 30% of improvement cost in almost all cases. The link below will take you to there site.

Anyone considering a home improvement with Windows, Doors, Heating & Cooling, Insulation, Water Heaters, Roofing or anything to do with Energy should look at this.

Note that some minimums are above "Energy Star" levels to qualify such as HVAC & Windows.

Hope this saves some people some "Green"

Yanita, wasn't sure to post here or in General Discussion. I thought
anyone considering one of these improvements would look in this section but not necessarily the other.

http://www.energystar.gov/index.cfm?c=p ... ax_credits

[Harry]

Hi

Good man Rod.

I think I'll do windows next. Plus I need to double check my water heater.

Thanks

Harry

[Yanita]

Hi,

I completely understand posting in this forum. LOL, if you notice in the past I have allowed other post similar to this.

I do however reserve the right to move this thread should it start getting long with replies.

Thanks for the info...

Yanita

[Lorne]

We took a State Credit for the Heat Pump and got about $300.

Thanks so much for the link. We'll check it out.

[Teatime]

Great info, thanks!

Does anyone know if you can take the credits when the improvements were done with insurance money from a storm claim? I've used the money toward upgrading my roof and storm door instead of just replacing with like materials.

Julie

[oldfart]

Well folks I hope the tax credits are better than the last bunch'a hoopl'a they promised. I had over $5000.00 worth of recipts for Low-E Pella windows, added insulation, doors and whatnought. I took it all to a professional tax service and my rewards were..$89 extra on my tax refund. AND..I had to go with a 1040A (or whatever it was) tax form. The cost of going long form cost me $150. They even deducted all my property/real estate taxes, $2000 in medical bills and sundry other deductions. I figgered it out using the 1040EZ form and the difference was not enough to cover the cost of the pro. tax preparer!! I actually LOST about $100 on the deal. Tax credit my hindermost parts! This year I used the 1040EZ form...no deductions. My 6yr. old grandson could fill out this form. My cost was 42 cents for the stamp...took 5 weeks to get the refund. JMHO of course. Audie..the bitter Oldfart...

[Rod]

Audie & others,

These new Tax credits are just that. They are actual dollars credited to your bottom line, they are not just deductions.
These are new for 2009 & 2010. This new program far exceeds anything offered before.

As far as I understand no long form is required its just one extra form to fill out. I would certainley consult a tax professional.

Audie,

If you do your roof this year or next with an "Energy Star" rated product/color. You will qualify for this. The bottom line is the Goverment will pay for 30% of your cost. You spend $3000 get $900 back - net cost $2100.


This is a huge benefit for anyone considering a energy related home improvement.


Rod

[Melitta]

Just replaced our whole system (condenser, furnace and evap coil) on Jan. 26, but it doesn't qualify for the tax credit. Figures.

[Rod]

These credits are for 2009 & 2010. So if you do (or anyone you know) a home improvement between now & the end of next year you will know the guidelines before purchasing a non qualifying item.

If you burn natural gas your supplier may have a rebate program as well. I know our local supplier does and the requirements are not as high.

Worth a look!

Rod

[DigitalDreams]

Just a note:There are a lot of credits and deductions you can take every single year but read the requirements carefully because solar and improvement such as styles of roof or doors can be very specific!

Just as a example last year 2007 taxes you could get a credit for roofing that would lower your summer energy costs ,but the really fine print said the color and manufacturer had to be on a certification list of approved manufacturers and the roof had to be over a certain pitch to qualify.

So what I,m saying is research those deductions before you take it to the tax guy cause he isn't always perfect either I know ,because HR Block cost me 12 grand one year cause I used them instead of a tax attorney and they didn't ask the really specific details.

And most areas have a aarp or senior tax preparer who is more than willing to help you with answering specific questions on 1040A and more complex forms for free.My wife has been doing ours for 20 years now after the Block debacle and if she gets hung on a specific question she asks the free pro just that question.