If you've been planning to make home improvements, time is running out -- not just on the weather but also on your chance to qualify for tax credits related to certain improvements.
The "Residential Energy Credit" expires December 31. The credit is available for qualifying purchases of energy efficient doors, windows, insulation, furnaces, air conditioning systems, certain types of water heaters, and even certain types of roofs. The credit is 30% of the purchase price.
Example:
If you spend $500 on energy efficient doors for your house, you can claim a credit of $150 on your tax return ($500 purchase price x 30%).
The purchases must be for an existing home that you live in as your principal residence. Purchases for new construction are not eligible for this credit, nor are purchases made for rental properties that you own.
The credit was available in 2009 as well, and the maximum total credit that you can take is limited to $1,500 combined in 2009 and 2010.
Please note that not all Energy Star rated purchases are eligible for the credit. You can find a listing of eligible products and more information in general about this credit at this website: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment