Petersburg VA Real Estate: Building the Economy

Posted By @ Nov 9th 2011 1:26am In: For Homeowners

Petersburg VA Real Estate: Building The Economy

Save Big With These Home-Improvement Incentives

Do you own or are planning to buy Petersburg VA real estate? Residential housing has a noticeable impact on the broader national economy, and it was one of the industries hit the hardest during the most recent recession. As a result, the U.S. government applied efforts to stimulate economic growth, including a number of targeted incentives designed to improve conditions in the housing sector.

Homeowners who are thinking about making energy efficient upgrades to their homes could benefit from significant tax savings if they undertake certain projects before the available tax credits expire on December 31, 2010.

You can receive a tax credit of 30% of the cost, up to $1500 maximum, to retrofit any of the following features of your existing, primary residence only.

• Heating, Ventilation and Air Conditioning: Applies to the cost and installation of qualified systems only; ask your contractor to provide the manufacturer’s certification.

• Insulation: Applies to typical bulk insulation products as well as products that air seal (such as weather stripping, house wrap and caulk). Again, look for the Manufacturer’s Certification Statement to ensure that your purchase will qualify.

• Windows and Doors: Good for the cost of either replacement windows or exterior doors, or the addition of storm windows, for increased energy efficiency. The credit does not include installation.

• Roofing: The credit can be applied for metal and asphalt roofs with specific cooling features meeting Energy-Star requirements, but excludes installation.

• Water Heaters: Heating water for your home is responsible for up to 25% of your energy bill. This credit includes installation costs on models that meet efficiency standards.

To claim a tax credit, you will need to keep all of your documentation and the manufacturer’s certifications associated with your project. A specific IRS form (available at www.irs.gov) must be filed along with your 2010 tax return. For more information about these tax credits and how they might apply to your personal situation, please consult your tax professional.