Top 10 Tax Credits

1.  Federal Rehabilitation Tax Credit – The rehabilitation credit applies to costs you incur for rehabilitation and reconstruction of certain buildings. Rehabilitation includes renovation, restoration, and reconstruction. It does not include enlargement or new construction.

2.  First Time Home Buyer Tax Credit – This expires April 30, 2010. Up to $8,000 (10% of the purchase price, up to a maximum of $8,000). As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010, to close.

3.  Move-up Home Buyer Tax Credit – This expires April 30, 2010. Up to $6,500 (10% of the purchase price, up to a maximum of $6,500) As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010, to close.

4Energy Star Tax Credit* – Must be an existing home & your principal residence. New construction and rentals do not qualify. 30% of cost up to $1,500. Expires: December 31, 2010.  Includes Biomass Stoves, Heating, Ventilating, Air Conditioning (HVAC), Insulation & Weather stripping (Spray foam in a can designed to air seal, Caulk designed to air seal, House wrap), Roofs (Metal & Asphalt), Water Heaters (non-solar), Windows & Doors.

5.  Energy Star Tax Credit* – Existing homes & new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify. 30% of cost with no upper limit. Expires: December 31, 2016. Includes Geothermal Heat Pumps, Small Wind Turbines (Residential), Solar Energy Systems.

6.  Energy Star Tax Credit* – Existing homes & new construction qualify. Must be your principal residence. Rentals and second homes do not qualify. 30% of the cost, up to $500 per .5 kW of power capacity. Expires: December 31, 2016. Fuel Cells (Residential Fuel Cell and Microturbine System).

7. Low Income Housing Tax Credit – Low Income Housing Tax Credit (LIHTC) reduces the tax liability of property owners and investors who agree to provide low-income housing for up to 40 years.

8.  Real Estate Tax Credit for Persons Age 65 and Older – If you are age 65 or older on the last day of the tax year, you are allowed a higher standard deduction for that year.

9. Property Tax Deduction for Non-Itemizers – A new law passed in 2008 lets you increase your standard deduction by the amount of real property tax you could have claimed if you did itemize — up to $500 ($1,000 on a joint return).

10. State-specific Tax Credits – April 19, 2010. The Governor’s Energy Office (GEO) in Colorado launched a website for State Incentives for Renewables and Efficiency.  Go to the Governor’s Energy Office at http://www.colorado.gov/energy/index.php?/resources/category/tax-incentives.

*  Federal Tax Credits for Consumer Energy Efficiency http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

Visit me at http://www.fortcollinshomes.com

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