Personal Energy Credit
You may be eligible for a credit of up to 30% of the cost of energy efficient improvements you made this last year. Make sure you gather your receipts these expenditures. This credit is an expanded version of the one we had a couple years ago.
The credit is for the cost of energy efficient improvements made to you personal residence that you currently live in. This means that it can not be a rental property. It also means that it does not include new construction.
The credit is limited to $1500 total for 2009 and 2010 combined. The previous cap of $500 has been replaced with this new aggregate. Qualified expenses are for qualifies energy efficient improvements, or Residential property expenditures. What this means is that things such as qualifying insulation, exterior windows and doors, certain metal and asphalt shingles(materials, not installation), heat pumps, furnaces, water heaters, biomass stoves(wood and pellet), boilers, air conditioners, and advance air circulating fans can qualify you for the credit.
The manufacturer of your improvements should have supplied you with a certificate if the energy efficient improvements qualified. Before you take the credit you should consult with a tax professional to make sure your improvements qualify. Don’t worry if you didn’t take advantage of the credit in 2009, because you can still capitalize on them in 2010.
The information contained on this site should in no way be considered to be professional advice in the form of either tax, accounting, or legal service or consultation. You should always consult with a professional familiar with your individual circumstances before making any specific decisions related to accounting, tax, or legal matters.
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