The Federal Tax Credits Blog

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Energy-Efficient Homes Can Save at Tax Time

It is tax time and Americans are busy gathering receipts and tabulating mileage to garner deductions before the filing deadline. It is too late to take advantage of renewable and efficient energy incentives on your 2010 return, but you can start now to garner the credit for next year.

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Question: Tax credit Energy Star appliance?

I bought a new hot water heater in December and I was just reading about a $300 tax credit. See below

“Heating, Cooling, and Water Heating Equipment
Purchasers of qualified energy efficient property are eligible for tax credits up to the total expenditures on such property. The credit can also be applied to labor costs for assembly and original installation of this property. Eligible property and maximum credit amounts are as follows:
electric heat pump water heaters: $300; ”

My question is do you get this credit only if you itemize?

Answer: There is no credit.

You bought it in December 2008. The credit SKIPS 2008 and comes back in 2009.

(Don’t feel bad, the water heater probably didn’t qualify anyway. Most of the models being sold weren’t efficient enough to qualify.)

Solar farms could be coming to Franklin County

FRANKLIN COUNTY — Because at least two energy companies are looking to establish solar farms in Franklin County, companies have taken options on hundreds of acres of farmland that would produce electricity instead of corn or milk.

How to buy a 15 seer heat pump and get up to $1500 Tax Credit

Question: Federal Tax Credits for Energy-Efficient Windows and Doors?

We are a residential contractor and have been receiving inquiries for replacement windows which meet the Federal Tax Credit Guidelines. We are aware of the Energy Performance ratings required, and understand that the Tax Credit is only on the cost of the windows and not the installation labor. We buy from our supplier at a cost, and mark-up that cost to our customer during the sale. My question is: Does my customer get a tax credit on what my firm paid for the window ( before mark-up) or do they receive the tax credit on the marked-up cost for the window?

Answer: If you buy the window at $400 and sell it for $600, the credit is 30% of the $600.

Please do *not* give any tax advice to your customers. Direct them to their preparer or the www.energystar.gov website.

I really detest breaking the news to elderly/poor people that since they *don’t* pay income taxes, the $1500 tax break the sales told them they’d get doesn’t apply to them.

North Central Massachusetts Community Calendar

Sunday, Sept. 19 Dance2Swing: Swingin’ Sundays at Leominster Elks, 134 N. Main St., featuring Black & White.

2010 Energy Tax Credit Made Easy