This is the year to make those energy saving upgrades in your home while you can take advantage of the Federal Governmentâ€™s tax credit program that comes under the Energy Policy Act of 2005. Until December 31, 2010, homeowners can get credit on their income taxes for 30% of the cost (up to $1,500) of installing energy efficient windows and doors, adding extra insulation, sealing cracks or replacing the roof with energy saving materials that meet Energy Starâ„¢ requirements. You can also get the same tax credit when you purchase and install a new, high efficiency furnace, air conditioner, biomass stove or water heater.
To qualify, you need to get a certification paper from the manufacturer or dealer where you buy the product that guarantees that the equipment or materials comply with government standards for energy efficiency. You donâ€™t need to include this certificate with your tax return, but you need to have it if the IRS has any questions.
If you have been putting off those energy saving improvements, this is the perfect time to make those changes while the government is offering a helping hand.
For professional advice on all aspects of buying or selling real estate, please contact me at email@example.com or 305-960-2575, or come by the office at 355 Alhambra Circle, 9th Floor,Â in Coral Gables.