Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hubby just finished our 2008 taxes (no comment, that's a whole other thread!). One of the things we did last year was had insulation blown into our attic, increasing our R factor from almost nothing to the highest R-factor we could get. Our bills have dropped dramatically, so we're thrilled we did the upgrade.
Did you know that the tax credit for improving the insulation in your home was removed for 2008? Only credits were for approved 'green' conservation efforts: solar, windmills, geothermal.
WTF? If the whole idea is to conserve energy, wouldn't you encourage people to upgrade insulation? I'm so confused!
We blew in about six to eight inches, which will compact over time. As we're in Oklahoma, the difference has been amazing. At least half off our summertime cooling bills (it's been a bit cooler this year).
Hubby said that former $400+ are $150.
For reference, it's a two-story, 5,000 square foot home.
Obviously, we did it to save money, it's just such a crock that any tax credit has been removed.
Did you know that the tax credit for improving the insulation in your home was removed for 2008? Only credits were for approved 'green' conservation efforts: solar, windmills, geothermal.
I was all set to share your outrage, but as always, I checked your story against the current law and I've come to the conclusion that perhaps you need to visit a different tax preparer.
According to Energy Star, a government website, you are entitled to a tax credit of 30% up to $1500 for installing insulation.
I was all set to share your outrage, but as always, I checked your story against the current law and I've come to the conclusion that perhaps you need to visit a different tax preparer.
According to Energy Star, a government website, you are entitled to a tax credit of 30% up to $1500 for installing insulation.
Actually not. For some odd reason, the credit doesn't apply to 2008.
"An extension of the tax credit for efficient furnaces, boilers, air conditioners, water heaters and insulation and window upgrades to existing homes (covering improvements installed in 2009, but not 2008)."
Our marital happiness thanks you for the update that insulation was, indeed, not included for 2008!
So the question is, why do they hate insulation?!
And why would you single one out as not applicable. On our list of changes, insulation was the least expensive and offered the biggest drop in energy cost.
Solar is still too expensive and I haven't seen anything that says the panels can hold up to our extreme weather (Oklahoma) which includes a lot of hail.
Wind is interesting and making progress, but I'd have to petition the Corps of Engineers to have 'pole fall down' room!
Oh well, I guess we'll be happy we did the right thing and lowered our bills. Don't know why you'd ever think you'd get anything back from Uncle Sam!
I was all set to share your outrage, but as always, I checked your story against the current law and I've come to the conclusion that perhaps you need to visit a different tax preparer.
According to Energy Star, a government website, you are entitled to a tax credit of 30% up to $1500 for installing insulation.
Your link is for the credit available on the 2009 tax return. Try this one from the IRS for info on the 2008: energy credits And, just to make it a bit easier, here is a quote of the relevant portion of the page:
Quote:
Residential Energy Property Credit (Section 1121): The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy-efficient heating and air conditioning systems. A similar credit was available for 2007, but was not available in 2008. Homeowners should be aware that the standards in the new law are higher than the standards for the credit that was available in 2007 for products that qualify as “energy efficient” for purposes of this tax credit. The IRS has issued Notice 2009-59 that will allow manufacturers to certify that their products meet these new standards.
Until the guidance is released, homeowners generally may continue to rely on manufacturers’ certifications that were provided under the old guidance. For exterior windows and skylights, homeowners may continue to rely on Energy Star labels in determining whether property purchased before June 1, 2009, qualifies for the credit. Manufacturers should not continue to provide certifications for property that fails to meet the new standards.
As a former tax preparer, I'm a stickler for using the IRS website over any other site for tax info.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
