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What are we... chopped liver?

By
Real Estate Agent with Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC

Much has been said about the fed's tax incentive for "First Time Home Buyers"... But what about current home owners?... What are we... chopped liver?

If you are a current home owner, like us, hopefully the following information will brighten your day:

Home Improvement Incentives

Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements "'placed in service' starting January 1, 2009, through December 31, 2010. See EnergyStar.gov for a complete summary of energy efficiency tax credits available to consumers.

Consumer Energy Tax Credits

What the American Recovery and Reinvestment Act Means to Existing Homeowners...

The American Recovery and Reinvestment Act of 2009 extended many consumer tax incentives originally introduced in the Energy Policy Act of 2005 (EPACT) and amended in the Emergency Economic Stabilization Act of 2008 (P.L. 110-343). Businesses, utilities, and governments are also eligible for tax credits.

About Tax Credits

A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government.

Additional Benefits to Homeowners

Energy-efficient appliances and products provide many benefits such as lower energy bills, increased indoor comfort, and reduced air pollution.

In addition to federal tax incentives, some consumers will also be eligible for utility or state rebates, as well as state tax incentives for energy-efficient homes and equipment. Each state's energy office web site may have more information on specific state tax information.

The new provisions also apply to newly added systems such as solar-energy panels, water heaters and geothermal heat pumps.

Much of what is included in the above actions are considered "Energy Star" approved. To gain a better understanding of what is and is not covered click through or copy and paste the following URL into the address field of your browser: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

We belong to a network of business professionals whom specialize in various trades and industries, such as Green Certified Builders, Heating,   Air Conditioning Contractors and more, who can counsel you on product and system selection, installation and pricing. For general information about Business Network International go to www.BNI.com and contact us for more information about any of the above and we'll gladly share our resources with you.

Thank you for your interest and the privilege of serving you!

With our highest regard,                                                           

Wayne and Lynda Gomillion
"The Pinehurst Home Team"

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Ingrid Laine
Sun West Mortgage Company, Inc. - Virginia Beach, VA
Loan Officer

Wayne & Lynda,

This is great information to get out there. I too am very aware of taxes. Often, I work on ways to get high income buyers to get a huge tax break at the closing table. A good mortgage planner can really help. (I don't do NC loans so I am not fishing...) If you find one with the CMPS designation, you may be surprised with what they can do.

-Ingrid

 

Mar 28, 2010 11:24 AM