In order to claim the Home Buyer tax credit you have to be a first time homebuyer. This can also mean you haven’t owned a primary residence in the last 3 years. You also can’t earn more than $75K as a single person or $150K as a married couple although partial credits can be claimed with higher incomes. Don’t miss the low interest rate-tax credit boat. You must purchase by December, 1, 2009. Here are more details and FAQs provided by the National Association of Home Builders. And here’s some REALLY GOOD news. You can amend your 2009 taxes to claim the credi this year!
So here are some ways you can use your tax credit to reduce your carbon footprint and make some earth-friendly improvements to your new home.
New energy efficient Energy Star rated appliances
New energy efficient Energy Star rated Furnace and/or A/C unit
Insulate the attic and walls of your home with either cellulose blown in foam insulation
A tankless hot water heater
A solar hot water heater
Sustainable landscaping with native plants and strategically oriented trees
These are just a few ideas of how you can use the homebuyer tax credit. But if you purchase certain of these items you can also claim an energy efficient tax deduction on your 2009 taxes. And if you live in Virginia and you wait until October 9-12, 2009 to purchase, you can take advantage of the sales tax holiday.
When you’re ready to take advantage of the Stimulous Package and buy a home, call me, your going green real estate advisor.
Gayle Fleming, EcoBroker Certified