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In an effort to reward homeowners for energy efficient upgrades to their homes, the recent Stimulus Bills included some very valuable additional tax credits !
Water Heater, Boiler, or A/C new Installations
A tankless water heater installation with a 90% + efficiency gets you a 30% federal tax credit up to $1,500.00. This may also qualify for a gas utility rebate of $300.00. Total job deduction $1,800.00. If the total job was $5,000.00 the deduction would be approx. one third of the job right off the bat. Same deductions go for boiler & A/C installations.
Newly Installed Energy Efficient Certified Windows & Doors
Qualifying Windows and Doors purchased between February 17, 2009 and December 31, 2010 are eligible for a tax credit equal to 30 percent of the product cost up to a maximum credit of $1,500
...I myself took advantage of this one and received a certified letter from the Window and Door company that I can submit to my accountant at tax time, and bingo ! ... $1500 cash savings right back in my wallet !!!!
Now these installations must be "placed in service" from January 1, 2009 through December 31, 2010, and must be for taxpayer's principal residence, but if you were ever considering upgrading your home's utilities or windows and doors for better Energy Efficiency !?!?! ... well NOW is the time to do it, as you will get a portion of your cost paid for you in these specified cases !!!
And as a reminder, like the $8,000 Tax Credit for Home Buyers this year, these are actual dollars that you keep - they are NOT interest free LOANS, and they are NOT simply deductions to your taxable income - it's real money that you would have had to pay the IRS !
If you are in Bergen County, NJ, feel free to call me for more explanation on these outstanding Tax Credits, or talk to your local Realtor or Service Providers for more info.
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Sheldon Neal is a Realtor(R) with RE/MAX REAL ESTATE LTD, serving buyers and sellers in Bergen County.
You can contact Sheldon for more infor on these tax credits, or any other real estate questions at 201-481-2891, or email at SheldonNeal@remax.net.
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