carol elizabeth pennell asheville native real estate broker pennell@beverly-hanks.com 828.273.7770

Ends this Month!

12/01/2010

Hurry and Make Those ‘Green’ Renovations, Tax Credit Expiring Soon
By Melissa Dittmann Tracey, REALTOR® Magazine

Spread the word to your sellers and clients: Time is ticking to complete home renovation projects if they want to cash in on a tax deduction that expires at the end of the year. Tax credits are available for home owners who do upgrades that help them save energy and reduce their utility bills such as with more energy-efficient windows and doors, insulation, and heating and cooling equipment.

You can qualify for up to $1,500 in tax credits when filing 2010 income tax returns. Home owner have until Dec. 31 to qualify for the tax credit.

Home owners can take advantage of the tax credit (Internal Revenue Code Section 25C) for efficiency upgrades made to existing homes, such as for certain types of insulation, windows, roofs, water heaters, heat pumps, furnaces and air conditioners. Tax credits are available for 30 percent of the cost up to $1,500 for 2009 and 2010.
Tax credits — also up to 30 percent of the cost of the qualifying products — are available for equipment using renewable energy, such as solar, geothermal, wind or fuel cells (under tax code section 25D). However, you have until the end of 2016 to take advantage of that tax credit program.

To learn more about what renovation projects qualify, visit the National Association of Home Builders resource page on the energy efficiency tax credits.

Advertisements

What do you think?

Please keep your comments polite and on-topic.

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: