Military homeowners must be prepared to weather the costs of home ownership. A VA home loan offers military families an unmatched entry point to home ownership, with low interest rates and no down payment.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

Expanded Recovery Act: Save Energy, Save Money, Save on Federal Taxes

Posted:

No matter what the season, military homeowners must be prepared to weather the costs of home ownership. A VA home loan offers military families an unmatched entry point to home ownership, with low interest rates and no down payment. Once you are a homeowner, there is opportunity for making home ownership more cost effective and at the same time, more energy efficient.

The expanded Recovery Act Tax Credits allow you to make energy-saving improvements to your home, save on your winter heating bills, plus lower your 2010 tax bill.

The 2009 Recovery Act expanded two home-energy tax credits: the Non-business Energy Property Credit, and the Residential Energy Efficient Property Credit.

NON-BUSINESS ENERGY PROPERTY CREDIT

The Non-business Energy Property Credit is a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years, equaling 30 percent of spending on eligible energy-saving improvements. By investing $5,000 this year on eligible energy-saving improvements, military homeowners can save as much as $1,500 on 2010 federal income tax returns.

Energy saving improvements include certain high-efficiency heating and air conditioning systems, biomass water heaters and stoves, energy-efficient windows, skylights, roofs, insulation, and doors, and labor costs for installing some of these items.

RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT

The Residential Energy Efficient Property Credit is a tax credit for military homeowners interested in going green and saving green, by investing in alternative energy.

The Residential Energy Efficient Property Credit equals 30 percent of spending on eligible home improvements such as solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property. With the exception of fuel cell property, there is no limit to the amount of credit available for military homeowners.

QUALIFY AND CLAIM YOUR TAX CREDITS

Not all energy-efficient improvements qualify for these tax credits. The IRS advises military homeowners to check the manufacturer's tax credit certification statement, usually found on the manufacturer's website or product packaging.

Eligible homeowners can claim both of these credits by using form 5695 when filing the 2010 federal income tax return. These credits can increase the military taxpayer's refund or reduce the taxes owed.



RELATED ARTICLES:


Sponsor:

VA Loans for Veterans
Complimentary VA loan pre-approvals will give you the comfort you need to shop for your home with confidence. VA refinance loans available.


VA Home Loans

Military Hub is not a government website and is not affilitated with any branch of the U.S. Military.


Support Our Troops:

Semper Fi Fund
The Semper Fi Fund provides financial assistance and support to service members and their families.
IAVA - Iraq and Afghanistan Veterans of America
IAVA is the nation's largest nonprofit, nonpartisan organization representing veterans and their families.
Team Rubicon
Team Rubicon unites the skills and experiences of military veterans with first responders.
Pat Tillman Foundation
The Pat Tillman Foundation invests in military veterans and their spouses through educational scholarships.

About Military Hub
Privacy Policy
Contact / Advertise

Copyright © 2008 - 2017
Advertise Military, LLC
All Rights Reserved

Disclaimer: MilitaryHub.com and MilitaryRates.com are private websites that are not affiliated with the U.S. Department of Veteran Affairs, any U.S. government agencies, or any U.S. military branches. Our sites contain basic information about veteran benefits, pay tables, current events, and news for active duty military personnel, military veterans, and their families. You can find additional information on these topics at the official website for U.S. Department of Veteran Affairs.