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heat wave sweeps u.s., reminds taxpayers of value of energy credits

by:NULITE     2019-08-24
Man, it\'s hot.
It\'s as hot as Africa.
Taishan can\'t stand the heat. -
I\'m in Philadelphia and Matthew Broderick plays Eugene Morris Jerome.
There is now a huge heat wave sweeping the country.
Nearly 2000 miles from the state of Massachusetts to the state of orcas, some form of heat consultation, heat warning or heat observation has been released.
CNN reported that it hit 55 record highs on Wednesday, with 60 Records flat. I get it. It\'s summer.
It should be hot.
But not so hot. Many of us -
Including my family.
I am not used to this heat.
This is not a problem with simple switch flip cooling: We don\'t have central air.
I\'m not kidding.
We talk about central air conditioning every year.
We live in an old Victorian style house and it is not easy to install central air conditioning in the house due to layout and no existing plumbing work.
It is complicated and expensive, so we have been putting off.
But every summer there is such a week to remind me that we should think more about it.
Unfortunately, there is a price to wait.
If we can do something last year, we can get a pretty good tax credit.
In 2010, the tax credit for installing energy-efficient air conditioners was 30% of the cost, up to $1,500. Nice, right?
The number of 2011 is not so attractive.
For 2011, we can ask for a 10% tax credit of up to $300.
In other words, we spent $1,200 in tax credits on our delay (
Thank you, Congress).
On the good side, at least the energy tax credit is still there.
As part of the last minute tax agreement signed into law on December 17, 2010 ,(Oh, too wordy.
2010 entitled tax relief, re-authorization of unemployment insurance and employment creation Act)
The energy tax credit was updated but at a lower level.
Recently, Congress has accepted the theme of \"Everything Old Is New\", and these levels have actually returned to levels of 2006 and 2007.
This means that the cost of insulation, metals and asphalt roofs and doors is only 10% eligible for credit
Up to $500.
The credit limit for new window fees is $200, while the credit limit for new furnaces and boilers is $150.
As I lamented before, the credit for the new central air conditioning, air conditioning source heat pump, water heater and biomass stoves is limited, with a maximum limit of $300.
There is also a \"lifetime limit\" of $500 for credit purposes \".
If you take advantage of this credit at any time from 2006 to 2010, you must calculate this amount to the limit.
Your total energy credit for all years may not exceed $500.
In order to qualify for most energy tax credits in 2011, the installation must be completed by December 31, 2011.
A house that is qualified to be your primary residence must be improved.
For credit purposes, your main residence is defined as where you live most of your time, which can include a house, a houseboat, a mobile home, co-
Apartment and house made.
The rental and holiday homes do not meet the credit requirements.
In addition, improvements must be made to existing families.
The new project is unqualified.
If you\'re really going to turn green, you can enjoy a bigger break.
For example, if you plan to add a geothermal heat pump, a residential small wind turbine, or a solar system, the credit line is equal to 30% of the cost and there is no upper limit.
For the purposes of this credit, the existing residence and the new building are eligible and the main residence and the second residence are eligible.
The lease does not meet the conditions.
If you upgrade your home to include fuel cells, the credit is equivalent to 30% of the cost, up to $500 per unit.
Power capacity of 5 KW.
Existing homes and new buildings are eligible for credit limited to your primary residence.
Rental and second housing are not eligible.
For a complete list of qualified energy-saving appliances and home improvement, visit the Energy Star website.
Apply for credit, submit Federal Form 5695 (
No form 2011 yet-
Download this 2010 form as pdf)
And your federal income tax return.
You will need to keep the receipt along with the manufacturer\'s statement of proof along with the tax record.
Therefore, the residential energy tax credit still exists despite the reduction in size.
This should give you something to think about when you are going to stay calm.
Whether or not you venture to buy more energy efficient appliances this season, I hope you will do your best to get comfort (within reason -
Some of you need to dress up).
If you live in one of these popular areas, be sure to check out your neighbors --
Especially the elderly and patients.
It will make my mother happy.
This is the right thing to do.
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