We are rapidly approaching the end of 2010, and the dreaded tax season begins. We have had a year full of tax credits and appliance rebates offered throughout the year, but it gets a bit confusing as to how to cash in on these enticing deals.
If you have installed or upgraded to more energy efficient equipment for your primaryresidence, there are tax credits available for up to 30% of the cost of the item, up to $1,500.
This tax incentive is available through the month of December, 2010 the items included are energy saving:
- Doors
- Windows
- Skylights
- Non-solar water heaters
- Roofs
- Insulation
- HVAC systems
- Biomass stoves
In addition to the above incentives there are more energy efficient items to add to your to do list that will help reduce your tax bill. This list is available through December 31st 2016, 30% of the amount of the item with no cap as to the total cost of the improvement.
- Geothermal heat pumps
- Solar energy systems
- Wind energy systems
There was also a rebate plan to help homeowner replace their older less energy efficient appliances to ENERGY STAR rated appliances. Unlike the federal tax credits, the appliance rebates are distributed by each individual state. These state-run programs have been opening and closing throughout 2010, and many are still open, you must check the state map where to reside to see which items qualify and the availability of the program:
The items included in the state of Florida were:
- Central air conditioners
- Air source heat pumps
- Ground source heat pumps
- Refrigerators
- Freezers
- Clothes washers
- Dishwashers
- Room air conditioners
- Gas tank-less water heaters
Unfortunately our stat e(Florida) program expired on November 30th, It however was able to help many upgrade their appliances, the amount of funding allocated to this program was $17,585,000.
With less than two weeks left in 2010, time is defintely running out, if you have ever thought of making any of these changes now is the time. We wish you good luck with upcoming year, make your 2011 amazing! As always, if we can help with your buying or selling needs
please don’t hesitate to call we look forward to hearing from you.
Yours in Success,
The Florida Future Realty Team