Thanks to Carma Van Houten, a local lender, for the info.
Benefit #1 — Expansion of Home Improvement Tax Credit
The tax credit for making energy efficient home improvements is now 30% of
the cost of the improvements up to a maximum of $1,500. This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns. Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters. Generally, your home improvement contractor and/or the manufacturer selling the improvements issues a certification that clarifies whether the improvements meet the necessary standards for energy efficiency. Most modern windows, furnaces, and air conditioners meet these requirements. If you've been holding off on making some of these improvements, now is a great time to get a move on it - especially with all the great deals that are being offered!
2 comments:
Do improvements made in calendar year 2008 qualify? ie do these benefits/credits apply for 2008 Taxes?
Bobbie has left a new comment on your post "More Details on the "Package"":
From my Turbotax:
Credit for Energy-Saving Home Improvements—The tax credit for 10% of the cost of energy saving home improvements returns for 2009. It applies to skylights, windows, outside doors, biomass fuel stoves and high-efficiency furnaces, water heaters and central air conditioners.
For 2008, the credit was only for 30% of the cost of installing solar water heating equipment, photovoltaic or fuel cell equipment, geothermal heat pumps or wind turbines in your primary residence or a second home, limited to $2,000.
The tax credit for 10% of the cost of energy saving home improvements returns for 2009. It applies to skylights, windows, outside doors, biomass fuel stoves and high-efficiency furnaces, water heaters and central air conditioners.
As usual, check wth your tax professional.
Post a Comment