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Last Chance Homeowner Tax Credits for 2010

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Here’s an example of an article in our November 2010 Issue ~

LAST CHANCE HOMEOWNER TAX CREDITS FOR 2010:

Are you considering some winter home improvements or energy saving features? You may want to purchase and install those home improvements by 12/31/10 to be eligible for a 2010 tax credit.

The total tax credit you can claim for 2009 and 2010 is $1,500 or up to 30% of your improvements. So if you claimed a $1,500 tax credit in 2009, you can’t claim again in 2010. The improvements must be purchased and installed by 12/31/10 to qualify. These credits must be for an existing home and your principal residence. Rentals and new construction do not qualify.

Non-Business Energy Property Credit:

– Allows homeowners to receive tax credit for making energy saving home improvements. Homeowner can deduct 30% of cost of energy efficient appliances and some installation up to $1,500 maximum.

– Some examples include the following energy saving home improvements:

1. Energy Efficient Doors & Windows – Installation not included. Other restrictions.

2. Water Heaters – Installation included. Some energy efficiency restrictions.

3. Insulation – Installation not included. Must meet IECC requirements.

4. HVAC components – Installation included. Examples are advanced air handlers, air force heat pumps, central A/C units, boilers, propane and gas furnaces.

5. Biomass Stoves

6. Metal and Asphalt Roofs – Installation not included.

Verify your specific product & requirements at http://www.energystar.gov

Get more answers at http://www.energy.gov/taxbreaks.htm

Our team hopes that you will join our email newsletter to learn more about the local Atlanta real estate market each month. If you have a specific question or need, please don’t hesitate to contact us at 678-804-2595 or email us at tamrawadeandpartners@gmail.com.

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