Residential Energy Property Credit

Are you aware of the Residential Energy Property Credit for homeowners when filing your 2010 tax return? Here are a few points for you to consider:
• The maximum credit allowed is $1500 – this could be split between 2009 & 2010 but it is a $1500 grand total credit.
• The credit is calculated at 30% of the cost of the product. If you put in new energy efficient windows for $4000 then the credit available for those windows is $1200.
• The credit ONLY applies to the product cost itself, not the labor or installation costs. So the total bill for the windows was $6000, only the amount that was for the actual windows is used to calculate the windows. Do not include labor or installation fees!
The credit applies to improvements such as adding insulation, energy efficient exterior windows, and energy efficient heating and air conditioning systems.

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Verace Accounting…

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