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What is the residential renewable tax credit regarding Geothermal or water source heat pumps?
A taxpayer may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the U.S. used as a residence by the taxpayer. Expenditures include; labor costs for onsite preparation, assemby, or original installation and for piping or wiring to interconnect a system to the home. If the fedearl tax credit exceeds tax liability, the excess amount may be carried forward to the succeding taxable year. There is no maximum credit for systems placed in service after 2008. The Geothermal heat pump must meet Federal Energy Star program requirements that are in effect at the time the installtion is completed. Current Energy Star requirements require an "ECM" variable speed blower motor and "DHW" (Domestic Hot Water) pre-heat option. |
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What are the qualifying criteria to get the 2009 and 2010 Federal Tax Credits for energy efficient residentail HVAC equipment? |
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The revised criteria for qualifying residential HVAC equipment under Section 1121 of the ARRA legislation are as follows:
1. A natural gas, propane, or oil furnace rated at 95.0% AFUE or higher.
2. Any... [ read more ]
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Can a homeowner claim $1500 in tax credits for improvements made in 2009, and then again claim tax credits for more improvements made in 2010? |
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No, taxpayers are eligible for a total of $1500 in tax credits for improvements made over the combined two year period.
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