When that program came out our economy was not selfsustained and there in no way people would have bought that many cars, which they bought in that short period of time, which kick started whole auto industries. I would say that tax credit for homebuying and energy credit was also great, but negative news factors works on that more than possitive news.
Unfortunate for our country. This tax credit is not an incentive. The tax credit was better. The R-Cons shut down everything that is green by this administration. Consider this. If the true purpose of teh energy tax credits was a green iniciative then they would have also been available to the owners of multi-family or rental properties.
I have rentals and considered improvements that would have qualified for the tax credits. I did not qualify so the improvements did not get done.
I am upside down on part of my properties just like other home owners, but due to them being rentals I can not: A.
Use any credits for insulation, windows, ac or furnace, solar, fuel cell or any other advanced green technology. My choices are to suck it up and make the best of what I have or sell at a loss that I could deduct over time from any other income I have. I made the choice to add insulation to one property, will do the same for another later this year when it cools off and I can stand the heat in the attic. I can not increase my rent on these properties because people who rent would rather pay fresh cheap paint on the walls then energy improvements that would save them money.
I am a conservitive who does believe in conservation. Conservation of natural resources, national wealth and talent.
I support domestic natural gas production with enough inspectors that are paid well enough to police the gas fields. I support tapping off shore reserves not necessarly by drilling rigs in the water but on shore and drilling at a angle.
I support spending on project that truely create jobs and improve infrustructure. I am against over regulation of industry because a goverment encourged policy of loaning money to those who could not afford it blew up and wrecked housing prices. I am against propping up housing prices with repeated incentives to buy distressed properties until the true accounting of distressed properties is made.
Let the housing chips fall where they may, assess the damage then if a plan is needed to assist in people who can now afford the homes at the new value then clear up the market. And just so it is clear I own property in both Fl and Ga two of the hardest hit areas on home value. Although the residential energy credit has been vastly reduced, there is another program that may be helpful. That program is called Home Performance with Energy Star.
It is administered under the American Recovery and Reinvestment Act by various states. To qualify a homeowner must agree to a home energy audit usually free and then have suggested upgrades installed. It is not based on income but rather on the amount of increased energy efficiency that can be achieved.
What I do not know, and cannot seem to find out is whether the reimbursements to the homeowner are non-taxable rebates or taxable government grants. If you have trouble filing, you may want to consider using online tax filing software to help you file. In addition, they will make it easier to claim the energy tax credit. They will ask you simple questions about your expenses, tell you which deductions you qualify for, and fill in all the correct forms for you.
He has written tax and finance-related articles for fifteen years and has published over articles on leading financial websites. How Much is the Solar Tax Credit? Tags: , , , Deduction , new , tax , windows. Andersen bears no responsibility for determining whether a particular purchase or application qualifies for the tax credit. Further, Andersen does not intend to and is not providing legal or tax advice and recommends that purchasers consult their own tax advisor or the IRS to determine whether the products they purchase for a particular application qualify for the tax credit.
Please consult your tax planner and review all IRS guidelines. Andersen is not a tax advisor.
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