Year End Tax Tip #3

December 9, 2009 | Subscribe to our RSS Feed

Purchase energy saving home improvements before year’s end.

Nonbusiness energy property credit- In 2009 and 2010, a taxpayer can claim a credit equal to 30% of the sum of the cost of: qualified energy efficiency improvements to his home (e.g., energy-efficient windows, doors, insulation materials, and certain roofs) and residential energy property expenditures (e.g., high-efficiency heat pumps, air conditioners, water heaters, and stoves that burn biomass fuel), up to an aggregate amount of $1,500.

Residential energy efficient property- Beginning in 2009, there is no limitation on the 30%-of-cost credit amount under Code Sec. 25D for qualified solar electric property costs, qualified solar water heating property costs, qualified small wind energy property costs, and qualified geothermal heat pump property costs. The previous limitation on the credit amount for qualified fuel cell property costs – $500 for each 0.5 kilowatt of capacity – remains the same.

Submitted by Sam Cohen
Questions?
sam.cohen@glassjacobson.com

1 Comment to Year End Tax Tip #3

1. wind power for home
   January 19, 2010 at 7:48 pm

   great post. Was really good quality in general and some new info for me which i didin’t know before reading your post.