Tax Tip: Real Estate Owners, Get $1500 from Uncle Sam Before 2009 end
Residential Real Estate Property Tax Tip
According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2009 tax bill as well.
The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year provides a nonbusiness energy residential real estate property credit. This credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years.
The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items. In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit, though the cost of installing these items does not count.
By spending as little as $5,000 before the end of the year on eligible energy-saving improvements, a homeowner can save as much as $1,500 on his or her 2009 federal income tax return. As always, check with your tax preparer or attorney to get more details. You can find more information about Residential Energy Real Estate Property Tax Credit (Section 1121) at IRS website. Download this energy tax credit for homeowners sheet by CLICKING HERE
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