CARL WATTS & ASSOCIATES
March 8, 2010
Nonbusiness Energy Property Credit
Have you made energy-saving improvements on your home? Then you are eligible for a 30 percent tax credit up to a maximum credit amount of $1,500 for the combined 2009 and 2010 tax years.
Residential Energy Efficiency Property Credit
If you have invested in solar energy systems, small wind turbines or geothermal heat pumps placed in service in your home after 12/31/2008, then you are entitled to 30 percent tax credit with no upper limit on the amount of credit available.
Excess credit may be carried forward to succeed-ing tax years until 12/31/2016.
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Improvements must be in your existing home & your principal residence.
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Your main home must have been located in the United States.
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New construction and rentals do not qualify.
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Improvements must be placed in service in 2009 and/or 2010.
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Existing homes and new constructions qualify.
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Both principal residences and second homes qualify except for fuel cells..
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Rentals do not qualify..
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You cannot take this credit for equipment used to heat a swimming pool or hot tub.. |
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This credit is nonrefundable, which means the credit amount you received would not have exceeded the amount of tax you owed. |
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You can claim the credit only after the original installation is completed. |
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You should check for the manufacturer’s tax credit certification statement before purchasing or installing any of these improvements (usually found on the manufacturer's website or with the product packaging). |
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Not all technology or equipment qualify, for more details please check the link below: |
| http://www.energystar.gov/index.cfm?c=tax_credits.tx_index |
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| As always, it is a pleasure for us to be of help to you. |
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GOOD LUCK !
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Washington DC
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tel/fax 202 350-9002 |