Thursday, January 26, 2012

Tax Credits for Adding or Replacing Insulation

The 2010 energy tax credit for adding insulation is gone, but a smaller one in 2011 is better than nothing.

Whether it’s summer heat or winter cold, insulation makes your house a lot more livable. And if you added insulation in 2011, you may be eligible to collect a $500 energy tax credit.

Tax credit limits and deadlines:10% of expenditures, up to $500 for the year, for all energy improvements combined.
Insulation must have been installed by Dec. 31, 2011.
Save receipts and labels for Uncle Sam.
Be sure to file IRS Form 5695 with your 2011 return.
The Energy Star site is your safest bet for information on how to get the credit. Energy Star has been pretty flexible on what it allows for this credit:

Batts
Rolls
Blow-in fibers
Rigid boards
Expanding spray
Pour-in-place
Products that reduce air leaks also qualify:

Weather stripping (such as fabric, foam, or metal to provide a seal)
Spray foam in a can, designed to air seal
Caulk designed to air seal
House wrap
Installation isn’t covered.

Don’t rely solely on contractors who may not know the details or who promise their products will get the credit in order to make a sale.

As of January 2012, the feds haven’t extended the energy tax credits for insulation beyond 2011.



Read more: http://www.houselogic.com/home-advice/tax-credits/tax-credits-adding-or-replacing-insulation/#ixzz1kaE2zHcz

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