Categories
- For Buyers
- For Sellers
- Colorado Springs
- Foreclosures and Short Sales
- Colorado Springs Homes
- Military
- Mortgage and Finance
- Real Estate Dictionary
- Uncategorized
Kathy on Twitter
Colorado Springs
Federal Tax credit available for remodeling
Energy Tax Credit
For a Free Market Analysis on your neighborhood, email Kathy Torline at KTorline@msn.com
HOME REPAIR
Everyone is talking about the $8000 First Time Home Owners Tax Credit. But, there is also a $1500 energy tax credit that is available for every home owner.
The American Recovery and Reinvestment Act of 2009 extended a variety of tax incentives that w
ere first started in 2005. Home owners, including those in Colorado, can save up to $1,500 on their income tax bill if you install approved energy improvements to your house before December 31st, 2010.
Some things you can use the tax credit for include:
- Air Conditioners
- Insulation
- Furnaces
- Windows / Doors
- Sky Lights
- Roofing
- Water Heaters
- Attic Ventilation
- Solar water heating
- Solar Electricity
- Wind Power
- Geo Thermal
- Sealed Crawl Spaces
To take advantage of this tax credit, you will need to file IRS Form 5695; which you’ll include with your tax return. The manufacturer of the product you install will need to certify that the product qualifies and you will get a certificate from either their website or the installer that will give you the information you need to file.
You can listen to an IRS Podcast to learn more. I also found a great web site that lists some additional incentives offered by different cities, counties, and utilities in Colorado. But it’s important to know that not all energy improvements qualify.
According to the IRS Web site: “Not all energy-efficient improvements qualify for these tax credits. For that reason, homeowners should check the manufacturer’s tax credit certification statement before purchasing or installing any of these improvements. The certification statement can usually be found on the manufacturer’s website or with the product packaging. Normally, a homeowner can rely on this certification. The IRS cautions that the manufacturer’s certification is different from the Department of Energy’s Energy Star label, and not all Energy Star labeled products qualify for the tax credits.”
Some of the best sites for additional information are:
If you enjoyed reading this article, why not 
