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Energy Tax Credits

by Sam Miller

Sally Nelson of Nelson and Nelson CPA sent me an e-mail this morning that explains new tax incentives for energy efficient homes.  After reading Sally's e-mail I immediately saw the value in sharing this information with my clients and customers.  I hope you enjoy the information and feel free to forward this page to your friends.

ENERGY CREDITS
 
Summer may be when we think about home improvement issues, and so it is a good time to review the rules for the tax credit for energy efficient property.
 
The tax credit took a year off in 2008, but a new and improved version is back for 2009 and 2010.  The new credit is based on 30% of costs for qualified property, up to a maximum of $1,500.  Prior year credits taken do not affect this new maximum. Qualified property is property that is certified by the manufacturer to meet the required standards.  The standards are so specific that without the manufacturer's certificate, it would be hard to tell if a given item qualifies for the credit or not.  So it is best to ask about this up front, before you make any decision, and keep the certificate in your permanent records.
 
Energy Efficient Equipment includes
        Electric heat pump water heaters
        Natural gas, propane, or oil water heaters 
        Stoves using biomass fuel to heat a residence or water heater
        Advanced main air circulating fans
        Central air conditioners/furnaces
 
Building Envelope Components ("installed in a manner consistent with the manufacturer's certification") include
        Insulation 
        Exterior windows, skylights, doors  
        Caution:  After 5/31/09, an Energy Star label alone will not suffice to prove that these  items qualify.
        Metal roofs with pigmented coatings
        Asphalt roofs that have cooling granules (2009 only)
 
As before, the property must be used on the taxpayer's principal residence located in the United States.  The property must be new, and in the case of a building envelope component, must be expected to last at least five years.  (A manufacturer's two-year warranty at no extra charge can be taken as evidence of durability.)  The date that the expenditure qualifies is when the property is completely installed. Equipment costs can include the price of installation, however not in the case of building envelope components.  Further, the envelope component must be specifically and primarily designed to reduce heat loss or gain in order to qualify:  the fact that a component (siding, for example) might have an incidental beneficial effect does not count, since its main purpose is an unrelated function. (To confuse things, siding purchased with a manufacturer's certificate before 6/26/06, did count under the prior credit rules.) 

Circular 230 Disclosure:  Pursuant to regulations of the US Department of Treasury, it is required that we advise you that this newsletter is not intended to be used for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code on the taxpayer. 

Knox County MLS Search

by Sam Miller

Free Knox County MLS Search!!!  EmailKnoxCountyHomes.com is a FREE service made available for serious home buyers who are willing to work with real estate professional Sam Miller to help them find their dream home.  Your first e-mail will list all homes currently for sale your within your search criteria.   You will then be emailed an updated list of all of the new homes for sale as well as any price changes as soon as they hit the market.  Our EmailKnoxCountyHomes.com system eliminates the need to contact real estate offices and reduces time researching real estate websites.   Our FREE service will send you listings before they are typically published on an agent's website. Just fill out the form and start your automatic email home search today!  It's that easy!

 

 

Knox County MLS Home Search Graphic

Sam Miller offers this fantastic service to buyers who are willing to work exclusively with him and his real estate team.  This service gives our clients a huge advantage over other competing buyers in the market.  The listing delivery system sends the listing to our client the very instant the listing is entered into the Knox County Multiple Listing Service.  If you want an advantage over other home buyers today, you want Sam Miller and his EmailKnoxCountyHomes automated listing search working for you.

If you are currently working with a real estate agent who is not a member of The Sam Miller Team (Sam Miller, Carol Miller, Joan Clipse, Judi Zolman, Joe Conkle and Sibley Poland) please do not sign up for this service.   Our team members work extremely hard and they dedicate 100% of their productive time working for our clients and in return expect that same commitment. 

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Sam Miller
RE/MAX Stars Realty
710 South Main Street
Mount Vernon OH 43050
740-397-7800
Fax: 740-399-3604