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Archive for February, 2010

2009-2010 Tax Tips for your Silver Spring Real Estate

Energy Efficient Tax Credits – 2009
The American Recovery & Reinvestment Act expands your tax deductible opportunites to make energy efficient home improvements in 2009 and 2010.  If you make any of the following improvements, you can possibly recover up to 30% of the costs:
– Exterior Windows and Doors – Storm Windows and Doors – Skylights
– Roofs (metal or asphalt) – Insulation and Sealing – Central Air Conditioning
– Air Source Heat Pumps – Furnace (Natural Gas, Propane or Oil)
– Hot Water Boiler (Gas, Propane or Oil) – Advanced Main Circulating Fan
– Water Heater (Gas, Oil, Propane or Electric Heat Pump) – Biomass Stove
Here are some of the stipulations:
– The maximum credit allowed is $1,500
– This credit doesn’t apply to new construction
– Not all products and materials qualify so you must question your vendor or re-modeler
– The equipment or products must last for a minimum of 5 years
– The equipment must be placed in service on or after February 17, 2009
– Improvements made before February 17, 2009 have different qualifications Improvements made in 2009 may be claimed on your 2009 tax return filed by April 15, 2010.  Those made in 2010 will be claimed with your filing in 2011.

2 Real Estate related Benefits you might overlook:
1.) Mortgage Refinancing Points – If you refinance your house or buy a second residence, any “points” you pay for the loan can be deducted proportionately each year over the life of the loan.  If you sell your home or refinance before you have deducted the full cost of your “points” you can than deduct the remaining amount in the year of the refinancing or sale.
Caution:  The lender in the subsequent refinancing must be different to deduct points this way
2.) Moving Expenses – While job related moving expenses are a well known deduction, many people don’t realize that moving expenses for a first job may also be deducted if the job passes a 50 mile distance test from the place the newly employed person has been living.

* This tax update comes from my own CPA James Cantwell.  If you have any questions about the above tax tips or need a good Accountant/CPA/ Tax Advisor,  I highly recommend this Silver Spring located professional.  
          Tax Savers – 1751 Elton Road – Silver Spring, Md 20903 – (301) 408-4104

Posted by Debbie Cook | Discussion: 1 Comment »

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