Continuing to talk about tax credits and breaks

First, I hope that you all had a wonderful Thanksgiving! I hope you enjoyed the long weekend, I sure did!

I want to share with you today some information about other forms of tax credits and breaks that you could possibly take advantage of. So, you're not buying a new home yet, and maybe you already drive a more fuel efficient vehicle and don't need to trade in a clunker. There ARE other ways to get tax breaks based on energy efficient products!

From RISMedia:

"Federal stimulus laws allow homeowners to get a tax credit of 30% of the cost of energy efficient windows, doors, water heaters, air conditioners and furnaces, up to a maximum of $1,500. So if you max out the credit on your new A/C, you can’t use it for one of the other items. But if you don’t use any or all of the credit this tax year, you can buy a qualifying item and claim the credit or any remaining credit in 2010," said Amy McAnarney, an executive director at H&R Block’s Tax Institute. The items have to be installed by Dec. 31, 2010, for taxpayers to claim the credit. McAnarney also cautioned buyers not to take a company’s word that an item qualifies. She said to get a copy of the manufacturer’s statement."

"Another credit allows homeowners to get up to 30% of the cost of solar energy systems such as solar water heating and solar power, small wind systems and geothermal heat pumps if they are installed by Dec. 31, 2016. It’s separate from the credit for windows, doors and air conditioners, so homeowners can use both."

There's no cap on this amount of credit. So, while installing any of these items may cost a bit at first, you are more than likely to get quite a bit back through tax breaks and possible rebates through energy rebate programs. These systems practically end up paying for themselves, since they also reduce your energy bills, and in the long run, that equals more money in your pocket!

So, if you are looking to up the level of Green in your home, or just need some new  major appliances, check into manufacturers claims to see which brands and products qualify for tax breaks and deductions. And as always, check back with us at Bobbie Talks Real Estate for more great information on all types of things!

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