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Posts Tagged ‘energy’

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Question: Rebate on New Efficient Furnace?

I received a rebate from my energy company in the amount of $325 for the installation of an energy-efficient home furnace. Do I need to report this rebate on my taxes as income?

I paid ~2400 for the furnace and its installation. Will I be able to use 30% of that entire $2400 as a tax credit. Thanks for your advice!

Answer: 1. the rebate reduces what you paid.
2. Your 30% credit would be based on $2075. Max of $622.50 If you pay that much or more in tax, you would get the credit (unless you used it in 2009).

You also must have the manufacturer certification that the furnace is high end. Frankly, $2400 doesn’t sound high end.

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Rinnai Tankless Water Heater, 7.5 GPM …

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To amend the Internal Revenue Code of 1986 to provide tax credits for making energy efficiency improvements to existing homes and for constructing new energy efficient homes. $10.10 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover…

Spotsylvania Energy Efficient Homes For Sale And Their Tax Credits

Question: Can homeowners who took the 2008 $7500 tax credit amend it on their 2009 taxes (or before) any way?

I purchased a home in April of last year and took the $7500 tax credit/loan from the government. I heard a few people saying something to the effect of “contact a tax professional, but there’s a way to not have to pay back the $7500 tax credit/loan for 2008 since the $8000 tax CREDIT does not need to be paid back.” Has anyone heard of this or know anything about this? Thanks.

Answer: If you purchased your home in 2008 you can only take the $7,500 tax credit/loan.

But if you purchased your home in 2009 and claimed the $7.500 on your 2008 tax return, you can go back and amend your 2008 tax return to claim the extra $500.

HR Block — Tax Advisor I — Over 5 years experience

Congress passes extension and expansion of homebuyer tax credit.(Briefing Book)(Law overview): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on December 1, 2009. The length of the article is 528 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Congress passes e…

First-time buyer tax credit can be used upfront for purchase costs.(Briefing Book)(National Association of Home Builders of the United States)(Federal … article): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on July 1, 2009. The length of the article is 357 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: First-time buyer tax …

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