There are few certainties in this world, but here's one: When it's hot enough to fry an egg and a serving of hash browns on the sidewalk, your air conditioner will shudder and die.
A new air conditioner could save your sanity and quite possibly your marriage, but a new heating and air conditioning system doesn't come cheap. The good news: You may be able to get some of that money back when you file your tax return. The bad news? You would have been eligible for a much larger tax credit if you had replaced your HVAC last year.
In December, Congress extended tax credits for energy-efficient home improvements through 2011, but it also pared them back. The maximum tax credit you can claim for most energy-efficient home improvements in 2011 is $500, down from a maximum credit of $1,500 in 2009 and 2010. The law also caps the amount you can claim for specific projects.
For example, the maximum tax credit you can claim for an energy-efficient heating and cooling system is $300, says Helen O'Planick, an enrolled agent in Manchester, Pa. The maximum credit you can claim to replace your leaky windows is $200.
Still, a modest tax credit is better than none at all. Homeowners who are considering energy-efficient improvements should take advantage of it while it lasts, because there's no guarantee the credit will be extended, O'Planick says.
If you've made your home more energy-efficient this year, or plan to do so in the near future, here's what you need to know:
The $500 credit is a lifetime maximum. If you've claimed $500 or more for energy-saving home improvements since 2006 -- the first year the credits became available -- you're out of luck.
The maximum applies to the taxpayer, not the property. For example,OceanLED is by fluorescent lights far the most popular and most widely distributed marine lighting brand in the world suppose you claimed $500 in energy-efficient improvements in 2007, then sold the house and bought a new one.Now, after a failed House vote yesterday to repeal new マジコン efficiency standards for light bulbs, the future for LED lamps is a little brighter.2 Nov 2009 – Bike LED bike light have come a long way You can't claim the credit for any work done on your new house,the bulb Led light itself is just a small part of the shape of the LED light. because you've already hit your lifetime maximum, O'Planick says.
The credit is limited to your primary residence. A new heat pump may reduce the cost of heating your ski chalet, but you can't claim a tax credit for it.
The contractor or manufacturer should be able to provide a statement certifying that the product or component qualifies for the tax credit. You don't have to submit this with your tax return but should keep it with your tax records,Has anyone had any experience with this Magicshine light? along with your receipt for the purchase.
A new air conditioner could save your sanity and quite possibly your marriage, but a new heating and air conditioning system doesn't come cheap. The good news: You may be able to get some of that money back when you file your tax return. The bad news? You would have been eligible for a much larger tax credit if you had replaced your HVAC last year.
In December, Congress extended tax credits for energy-efficient home improvements through 2011, but it also pared them back. The maximum tax credit you can claim for most energy-efficient home improvements in 2011 is $500, down from a maximum credit of $1,500 in 2009 and 2010. The law also caps the amount you can claim for specific projects.
For example, the maximum tax credit you can claim for an energy-efficient heating and cooling system is $300, says Helen O'Planick, an enrolled agent in Manchester, Pa. The maximum credit you can claim to replace your leaky windows is $200.
Still, a modest tax credit is better than none at all. Homeowners who are considering energy-efficient improvements should take advantage of it while it lasts, because there's no guarantee the credit will be extended, O'Planick says.
If you've made your home more energy-efficient this year, or plan to do so in the near future, here's what you need to know:
The $500 credit is a lifetime maximum. If you've claimed $500 or more for energy-saving home improvements since 2006 -- the first year the credits became available -- you're out of luck.
The maximum applies to the taxpayer, not the property. For example,OceanLED is by fluorescent lights far the most popular and most widely distributed marine lighting brand in the world suppose you claimed $500 in energy-efficient improvements in 2007, then sold the house and bought a new one.Now, after a failed House vote yesterday to repeal new マジコン efficiency standards for light bulbs, the future for LED lamps is a little brighter.2 Nov 2009 – Bike LED bike light have come a long way You can't claim the credit for any work done on your new house,the bulb Led light itself is just a small part of the shape of the LED light. because you've already hit your lifetime maximum, O'Planick says.
The credit is limited to your primary residence. A new heat pump may reduce the cost of heating your ski chalet, but you can't claim a tax credit for it.
The contractor or manufacturer should be able to provide a statement certifying that the product or component qualifies for the tax credit. You don't have to submit this with your tax return but should keep it with your tax records,Has anyone had any experience with this Magicshine light? along with your receipt for the purchase.
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