The Federal Tax Credits Blog

Posts Tagged ‘energy’

Question: What are the stipulations of the 2008 First Time Home buyer Tax Credit?

Is there a website where you can view the rules at all? i am wondering if you would need to spend the money only on home improvements, paying the mortgage, ins etc? Also, would you need to keep the reciepts for any and all purchases made with the tax credit?

Answer: Eligibility, repayment and all the rest of the rules are spelled out at the IRS’s web site on this page. It is a new credit that was part of the economic stimulus package earlier in the year.

As others will note, it is really an interest free loan of $7500 that has to be paid back at $500 per year with your income taxes. If you sell the home before it is fully paid back, you have to pay it back with proceeds of the sale (if any).

http://www.irs.gov/newsroom/article/0,,id=186831,00.html

good luck!

Mortgage payments have hit bottom, expert says

While King County home prices will continue to “drift down” this year, home payments have already hit bottom, a housing expert said Thursday.

Credit Cards & Personal Loans : Are Home Improvement Loans Tax Deductible?

Question: Is Solar Power worth the investment?

This website http://www.Solarbuzz.webs.com is saying it’s a great investment, but I am leary of these claims. They are saying in a nutshell its: Property tax exempt, rebates and 30% uncapped Federal Tax-credit and 100% of the value is added to your home? Comon’ that just seems not possible? This information website is based out of my home town of Sacramento California. I just wanted to see if there is anyone who has added Solar Photo Voltaics that can substantiate these claims.

Answer: If you can get all the tax credits then maybe. It will take a long long time for solar power to pay-off as an investment. Don’t forget to check for state incentives along with federal incentives. You would probably be better off not looking at it as an investment but as a way of being more eco-friendly with your house and life.

Clinton Township officials considering many solar panel proposals, including some of their own

The roof of the township’s Middle School might be ideal for a solar panel installation. CLINTON TWP. — Solar electric panels may be springing up soon around the township, the result of several unrelated projects that have been proposed. What…

2010 Federal Tax Credit for Solar Energy – TurboTax Video

Question: Home buyer tax credit ext?

I understand the the first time home buyer tax credit is going to expire soon. I’m told that a contract to purchase must be in place by 4-30 and an actual closing by 6-30. Is this correct,and does anyone know if this tax credit is being considered for extension by the govt?
Thanks

Answer: Yes it is correct and no it will not be extended. It has not helped increase home sales, too many applicants are denied mortgages, fraud is running at 80%

Govt sues tax preparers in 5 states on tax credits

share: digg facebook twitter The department also has obtained an indictment of a Philadelphia man in the law enforcement initiative, charging Jonathan Brownlee with filing false federal tax returns. The government says Brownlee allegedly knew the people whose names he used for the first-time homebuyer credit were not entitled to it because they had not purchased a home and had not signed a …

$8000 USD GOVERNMENT TAX CREDIT PARA PRIMEROS COMPRADORES Y FHA

Just Energy Reports Third Quarter Results for 3 Months and 9 Months Ended December 31, 2010

TORONTO, ONTARIO– – Just Energy Group Inc.

Air Conditioning Repair Service Modern AC Tech 561-479-3857

Question: Tankless water heater install – possible DIY job?

I am thinking about placing a new tankless water heater in my house to save some energy and take advantage of the tax credits. I can find good heaters for around a $1000, but am wondering if this could possibly be a DIY install. I have some plumbing experience and follow instructions well, but am wondering if anyone has had any success with this type of project.

If there are any professional plumbers here I would also love your feedback. Considering I have natural gas I am assuming there is no way I could do it myself, but was crossing my fingers I could do it.

Also, if anyone has had one installed professionally, approx how much did it cost you and how long did it take? Thanks a million!

Answer: I installed my own Tankless heater, and will give it a 7 out of 10. The biggest issues i have run into is that gas, water in and water out must all be 3/4 inch. This wasnt a very big issue as I had 3/4 on the ceiling but they reduced it down so i just replaced the 10 or so feet of N.G. pipe to all 3/4 inch. Next is venting. When i got my unit at Menards I was told i could plumb it out the chimney just like our regular tank heater was. WRONG. I was getting backfeed through the furnace, and co2 monitors kept going off. Relized the problem and then vented out the side of the home, no issues since. the system does take a little to get used to such as using small amounts of water for shaving or brushing of teeth, if the faucet isnt opened up enough the system wont detect it, and wont heat, thus you get only cold, however if you multitask when another appliance is using hot water or someone else showering, you dont notice this. We have had out dhishwasher, cloths washer, and both my wife and I showering and never ran out of hot water, yes the pressure was reduced but hot water was perfect. I think the biggest thing is going to be getting pipes line up and soldered. if you can get your main water shut off, and not have that occasiona drip that most lines have, you should be fine. I would suggest that you get those flexible hoses instead of trying to plumb it in with stick copper, get the water heater flex pipes and it will make your life much much easier. If needed i can send photos.

A. O. Smith Launches High Efficiency Revolution Tour

This month, A. O. Smith will kick off the High Efficiency Revolution Tour, a two-year cross-country excursion showcasing the company’s portfolio of high efficiency water heaters.

Rheem Tankless Water Heater TV Commercial