ShareThisTips before you buy: The tax credits are available only for your principal residence and should be filed on your 2009 taxes (paid by April 15, 2010). Some other tips: Double-check before you buy. Not all Energy Star products, for example, qualify for a tax credit.
Get it done: The item must be "placed in service," that is, ready and available for use, between Jan. 1, 2009, and Dec. 31, 2010, for most products. The deadline is extended for some higher-ticket items.
Save your receipts and the Manufacturer Certification Statement. For windows, save the Energy Star label. You will not need to submit these papers to the IRS, but you should keep them on file.
The maximum amount for tax credit is $1,500 for two years (2009 and 2010) for all qualifying home improvements combined. Geothermal heat pumps, solar water heaters, solar panels, fuel cells and windmills are not subject to this cap - and the credits are in effect through 2016.
If you are building a home, you can qualify for the tax credit for some products, including geothermal heat pumps, photovoltaics and solar water heaters, but not for windows, doors, insulation, roofs, heating and cooling systems or nonsolar water heaters. Check with your builder.
(Distributed by Scripps Howard News Service www.scrippsnews.com)
With STIMULUS-ENERGYMust credit St. Petersburg Times
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This is quite helpful to know what is "counted" for when I do my taxes next year!