The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Wind Energy Farms Added 26 Percent of New U.S. Power Capacity in 2010

U.S. wind power capacity grew 15 percent in 2010, reaching 2 percent of all the electricity generated in the nation, the American Wind Energy Association said.

Wind Turbine VAWT HiWindPower

Greens pledge carbon tax, corporate tax hike

Elizabeth May says a Green Party government would raise corporate taxes to 2009 levels, charge $60 a tonne for carbon emissions – and legalize pot.

Renewable Energy Tax Credits are Huge for Solar, Geo Thermal Heat Pumps and more

Question: Will there be any tax credits for improving your home’s energy efficiency/greenness in tax year 2011?

I know some or all of the federal tax credits for improving one’s house’s energy efficiency will expire at the end of this year. (i.e. more insulation, energy efficient furnace, new water heater, modern windows, etc.) Is the end of 2010 the endgame for these tax credits, or breaks? Or will they still be offered next year?

Answer: at this point those credits are expiring, and only Congress knows what they will finally end up with for 2011

Tax deadline nears

April 18 just around the corner — the deadline to file federal and South Carolina tax returns this year — so if you’re among the roughly 20 percent who haven’t finished their taxes yet, it’s time to get moving.

Certainteed Polymer Slate (Symphony Series) & Hybrid Insulation – buildaroo.com

Question: I built and moved into a house January, 2009. Can I qualify for 1500 energy tax credit?

I am finishing my basement in 2010 and plan on buying a wood burning stove that qualifies for the tax credit. Since this is a “new addition”, but it was a new house in January, 2009, can I qualify for the energy tax credit on this wood burning stove? Thanks a lot!!

Answer: Yes provided the stove was installed in your Main residence and you purchased it in 2009.

Secondary Sources: Home Prices, Global Recovery, Tax Expenditures

A roundup of economic news from around the Web.

First Time Buyers Tax Credit 2009-2010

Question: First time homebuyer’s $8000 tax credit?

I purchased my home in 2009 and have lived there exactly one year. I have two years left and then will no longer have to pay back the $8000 tax credit I received. I am now planning on getting married and will then move to the house my fiance owns.

Is there any way at all to legally get out of paying the credit back if I sell it now? (I already spent the $8000 on a new roof) It’s still only worth about as much as I purchased it for, so I have no way to make the $8000 back. It’s not practical for him to move to my house due to location, so I really have no other choice. I really don’t want to wait 2 more years to get married just because I’m stuck with my house. Thanks for your help!

Answer: If you sell your house to someone who is not related to you, you only have to pay back the credit up to the amount of gain you realize. So, if your house (including the cost of the new roof) has no gain, you do not pay back the credit. If your house has a gain of $2,000, you only pay back $2,000 of the credit. If your house has a gain of more than $8,000 you only pay back the original $8,000.

The above seems to be the

In reply to Relax. Prices Aren’t Skyrocketing : The above seems to be the classic Australian problem of arguing orthodoxies, rather than thinking constructively. It is well recognized that the CPI is a construct that suits its purpose, but what is needed is solid research into the cost of living. What drives the cost of food , is it lack of competition in the market ? Big wholesalers control the …

1400 Anderson Corner Fruitland, parma, Idaho