Did you make any energy efficient improvements to your home in 2010? The federal government will reward you for your environmentally friendly efforts! If you purchased any energy-efficient property for your principal residence by December 31, 2010, you could be entitled to the Federal Tax Credit for Consumer Energy Efficiency. In order to claim the credit, the improvement must be placed in service in 2010. The tax credit allows you to claim up to 30% of the cost of the improvements up to the limit of $1,500. Qualifying improvements include windows and doors, biomass stoves, HVAC units, insulation, roofs, and water heaters. If you think you might qualify, please send us copies of your receipts and manufacturer’s statement so we can submit the request for the tax credit on your returns.
If you make an energy efficient improvement to your home in 2011, you can still receive a tax credit, albeit at a lower level. The 2010 Tax Relief Act extended the home energy-efficiency tax credit into 2011. Instead of the 30% credit with the $1,500 credit, the levels are now 10% up to $500, with a $200 maximum for windows.
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