Saturday, February 24, 2018

Frequently Missed Deductions

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Energy Tax Credits Extended but Reduced in 2011

Dec 17, 2010

The generous $1500 energy tax rebate that was available for tax years 2009 and 2010 is not available any more. In lieu, much less generous tax provisions were approved for tax year 2011.
Households that have applied for the 2009-2010 generous tax credits cannot re-apply for the new 2011 credit.

The new energy efficient tax credit is only a 10% credit (compared to 30% in 2010), up to a maximum of $500 (rather than the generous $1,500 that was valid until December 31st 2010.)

  • Of that, only $200 for Energy Star windows can be applied.
  • For exterior doors, you may be qualified for a 10% credit up to $500
  • Even for these lean tax credit there are rules you need to follow to be eligible:
    The doors & windows are used to improve existing homes home energy efficiency (not new homes though), meet the Energy Star criteria, and “put into service” in the “main residence” of the applicant taxpayer before December 31st 2011.
  • Furnaces are only allowed to get a $200 credit and they must now be 95% efficient. (more demanding than the 90% 2009/10 requirement)
  • Wood heating systems are eligible for a max $300 credit.

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