Tax Credit Hvac
December 4th, 2008
Question: Environmental efficiency home improvement tax credit, $1500?
I have heard that if you do improvements on your home…that make them more earth friendly, you will get a $1500 tax credit. If we install new HVAC this year, and get new windows next year…can we claim that twice? One time each year…or can you only get the credit once?
Also, must you spend a certain amount to receive this? My husband is a contractor by trade, so we will not pay labor cost. If we do have to spend a certain amount, can he charge himself to install the windows and HVAC?
Awesome answer…thanks for being such a SmartA$$!!!
Smarta$$, I thought this would be a given for you to get best answer…but then Barbara S came a long and also gave a great answer. I’m gonna let your answers duke it out in voting. Let the Best Answer win!!!
Answer: Here is a really good summary of how the credit works and what kinds of house changes apply. Basically, the credit is 30% of what you spend on materials and supplies. So to get a $1,500 credit, you have to spend at least $4,500. And, sometimes income limits apply to the credit.
You only get the credit one time across two years. If you spend more than $4,500 the only savings you get is the energy savings – no more in taxes.
For furnaces, you get the cost of the equipment plus installation, but I think windows is the equipment only. The list if you go to the website can give you more guidance.
New Year’s Resolution: Put Your Home on an ‘Energy Diet’ Suggests Alliance to Save Energy
WASHINGTON, Dec. 28 /PRNewswire-USNewswire/ — We’ve all been there on making well-intentioned New Year’s resolutions, among them promising faithfully to go on a diet, exercise and eat healthier. And sometimes, we may even keep those resolutions for a little while before falling off the wagon.
Energy Tax Credit Public Service Message – HVAC
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