tax credits

2010 tax credits and appliance rebates

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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

   239-542-8521

inquiry@FloridaFutureAgents.com

Tax credits for new and repeat home buyers

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Buying a new home in Cape Coral is both an exciting and stressful experience.  The federal government
has made an offer we just can’t refuse.  Homes are now going to be much more affordable than ever, with a fantastic tax incentive for buyers. This is an amazing opportunity to finally own your own home or
relocate to the digs of your dreams.  Read below to see which program you qualify for.

$8,000 First-time Home Buyer Tax Credit

The $8,000 tax credit is for first-time home buyers only. For this tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence three-years prior to the purchase.

The tax credit does not have to be repaid unless the home is sold or is not used as the buyer’s principal residence within three years after the initial purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

 The tax credit applies only to homes priced at $800,000 or less.

The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer

The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

We at Florida Future Realty want to make your Cape Coral home buying experience as positive and stress
free as possible.   Please call one of our qualified agents to assist you with finding the perfect home, or browse our site to begin a search of your own.

Yours in Success,

Florida Future Realty Team

(239)542-8521

Inquiry@floridafutureagents.com