The Federal Tax Credits Blog

Posts Tagged ‘home’

Question: Can I take the 2010 energy tax credit on newly built house?

I’m closing on a new construction house this month. Can I take the 2010 energy tax credit on it? Last year, a tax lady posted that only replacements or improvements on your existing home qualify for a tax credit, but in the Form 5695 instructions it states: “For credit purposes, costs are treated as being paid when the original installation of the item is completed, or in the case of costs connected with the construction or reconstruction of your home, when your original use of the constructed or reconstructed home begins.”

Answer: Yes you may. You need a way of breaking out those costs but the contractor should be able to do that for you.

Changes to Home Improvement Tax Credit

If you made your home a bit more energy efficient in 2010 then you are seeing nice tax credits right about now.

Green Financing- 05 Home Equity Loans- Government Rebates & Tax Incentives

Homeowners reminded to file for tax credits

Homeowners who purchased high-efficiency appliances or made energy-efficient home improvements to their homes in 2010 may qualify for federal tax credits, and they should consider the steps needed to…

Question: Should I Insulate my block walls?

I have a block home that was built in the 70’s. There is no insulation on the exterior walls and you can definetly feel the temperature of the outside when you touch the inside walls. My question is should I insulate my block walls? I have talked to an insulation company that offers Tripolymer wall injected insulation for block walls. I was wondering also if anyone has heard anything about this method and material (pros and cons). The only concern I really have is if this stuff is installed I will probably never be able to route wires,etc through the block walls if ever needed. I have done all the wireing I can think of but you never know when something pops up. Oh by the way this stuff is going to cost $1,100 to do my 1,500 sq heated home. But my power company is offering 200-300 off my next bill when I install this stuff plus it goes towards the energy tax credit since its insulation so take another 30% of that price. Any suggest would be appreciated. Thanks! ….

Answer: Insulate by all means – be aware that there are some risks – wall ties in cavity construction can be affected if the insulation holds moisture – or if your dew point is in the wrong place you will get water condensing which may be a problem. Wires in external walls cavities is not a very good idea anyway btw – insulating them may cause wiring to overheat.

I would look at an overcoating system – render on external insulation but whether this is any good for you is anyone’s guess.

EARTHTALK: Federal Energy Efficiency Tax Incentives

Dear EarthTalk: A number of federal energy efficiency related tax incentives expired at the end of 2010. Will any such programs remain in force and if not, are there other ways to save money on green upgrades? — Jen Franklin, Chicago, IL

Energy Efficient Insulated Vinyl exterior Siding

Question: New home Buyers Tax Credit, exactly what constitutes or triggers a “binding sales contract” in Texas?

All the information on the extended new home Buyers Tax Credit mentions to qualify you must at the least have “binding sales contract” by Apr 30 ‘10. So what has to happen to make the contract binding? Go through a waiting period, loan approval, house passes inspection?

Answer: Two things:

1) Your sale actually has to go through. A binding contract is not enough

2) A binding contract is a signed and executed contract that is completed by your real estate agent. Many states or municipalities have a uniform form (like California), but places like Nevada let agents make up their own contracts. See your agent for details.

One-time deductions complicate ’10 returns

WASHINGTON — Did you buy energy-efficient windows for your home last year? You can claim the energy-efficiency credit only if they were installed by Dec. 31.

Home Buyer Tax Credit Extended and Expanded

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