Re: Energy Star Home Credit
posted at 4/12/2013 6:08 AM EDT
In response to Randomposter's comment:
I am purchasing a home soon and am looking into buying new construction. The properties nowadays have either an energy star rating or use so many energy efficient parts and appliances that I believe I should be able to get a tax credit for many things. Am I off base in thinking I can ask the developer for reciepts for different parts of the house and apply for credits for these? I'm thinking that the windows, insulation, heater, water heater, ac and many other parts of a new home could be credited in a new construction.
Also I am a first time home buyer and I am wondering if there is still a credit towards buying a home for the first time?
Sorry, but you won't be able to claim either an energy credit or a homebuyer credit.
Energy credits are intended to improve the existing housing stock's energy efficiency, so only when you make changes that increase the efficiency of your home's existing energy conservation do you get credist, limited to no more than a total of $ 500 (under current law) over the lifetime of your ownership of the home. New constructioin can garner a total credit of as much as $ 2,000 for the builder and it's up to him/her/it to price that into the price of the property. In like wise, credits are generated by manufacturers for more efficient appliances (think GE and no taxes for a couple of years, due to these credits) and also their choice to factor such credits into the pricing of their products.
The first time homebuer credit was available several years ago to encourage home purhcases during the depths of the recession and expired at the end of the provisional period. Current purchaes do not qualify, as they occur after the date of expiration.
Hope this helps in preparing your returns!
Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal
Katz, Nannis + Solomon, P.C.