ENERGY TAX CREDIT: Take advantage of it while you can!
If you improve the energy efficiency or install a renewable energy system for your primary residence, you may be eligible for a federal tax credit of 30% of the cost of improvements, up to $1500. The deadline is December 31, 2010.
WHAT IS INCLUDED:
- Windows and doors (including sliders and garage doors)
- Insulation
- Roofs (metal and asphalt)
- Central Air
- Furnaces and boilers
- Gas, oil, and propane water heaters
- See all included items
WHAT IS NOT INCLUdED:
- Electric furnaces and boilers
- Washers, dryers, dishwashers, refrigerators, ovens/ranges
- Whole house fans
- Room air conditions
- Ceiling fans
- Window treatments
- See all excluded items
HOW TO CLAIM YOUR TAX CREDIT:
When you file your 2010 federal tax return, you will enter the amount of your credit. The credit comes off of the amount of taxes you owe and reduces your tax bill. If you do not file tazes, you are not eligible for a tax credit. Also, there are no income restrictions for the tax credit. For more information on filing for your tax credit, visit the IRS website.
OTHER DETAILS:
The tax credit is on 30% of materials only, up to $1500. It does not cover labor. Also, you must have receipts and a Manufacturer's Certification Statement.
In addition to the energy tax credit that expires on 12/31/10, there are several tax credits that remain in effect until 12/31/2016. These include credits on geothermal heat pumps, small wind turbines, and solar energy systems on both primary and secondary residences; the tax credit for fuel cells is available on the primary residence only. For more information on these credits, visit the EnergyStar website.
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Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential CT Realty
peggychirico@gmail.com
860-748-8900
If you are buying or selling a home in Hartford County or Tolland County, please call me, email me, or visit my website. I would be happy to help you with your home search or provide a market analysis for your home.
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Peggy, this is wonderful info for the public to be aware of!
Thanks, Joan - I need a new patio door so why not get a tax credit!
HI Peggy -- Nice to see you here! Thanks for the reminder on this. I really have to replace my furnace. Last year's bills were outrageous. It's time...and I'll take that $1500 credit!
Hi Barbara - Thanks for checking it out. The tax credit is too good to pass up!