Thursday, June 2, 2011

JUST ONE MORE THING

In addition to the limited energy credit I discussed this morning you should know that there is another energy credit that continues unchanged.

This credit is 30% of the cost of the qualifying energy-efficient property - with no upper limit. If the cost of the property is $25,000 you get a credit of $7,500! I claimed this credit for the first time on a GD extension I completed over the holiday week-end – getting my clients over $8000.

The credit, which does not expire until December 31, 2016, applies to the purchase of -

* Geothermal heat pumps

* Small Wind Turbines (residential)

* Solar Energy Systems

Both existing homes & new construction qualify. And the purchase can be for your principal residence or a personal use second home. The credit does not apply to rental property.

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