$1500 Energy Credit
Save up to $1500.00 on your next Home Improvement project. You can save up to 30% for
material costs on selected Ray St. Clair Home Improvement Services including:
Here are some answers to the most commonly asked questions regarding this $1500 energy credit opportunity.
How do I apply for the tax credit? What tax form do I need?
Answer: To claim the tax credit for energy efficient products “placed in service” in 2009, you will need to file the 2009 IRS Form 5695 and submit it with your 2009 taxes (by April 15, 2010). Currently only a draft version of the 2009 IRS Form 5695 is available (without the instructions section). On the Draft 2009 1040 form, the residential energy tax credit (from Form 5695) is claimed on line #52.
**Also, save your manufacturers certification statement for your records. More information on tax credits:
Go to:
www.energystar.gov./taxcredits.gov http://www.energystar.gov/index.cfm?c=tax_credits.tx_index
Is the $1500.00 tax credit for each product? Each year? Each Person?
Answer: Even if you purchase multiple products you can only receive a maximum of $1,500 over the two year period (2009 and 2010). Basically you can spend up to $5,000.00 during this 2 year period on a single or multiple products, and get 30% or $1500.00 (30% of $5,000.00 = $1500.00) back as a tax credit.
This credit is applicable on products or material cost only – not labor. If you get the entire $1500.00 credit in 2009, then you can not receive anything additional in 2010.
NOTE: Two or more unmarried people living in the same home, who own it jointly, are each eligible for the tax credit on the amount of money they spend individually to make these home improvements.