The list of available credits on the HGTV/energy page shows a 30% of cost credit for geothermal and solar, however the federal form 5695 that I pulled from the IRS.gov site shows limits of $2000 for these items. Has the cap been removed for installations after 2008?
To Paintlady thats what I talking about! Our tax person I wont say who we were talking to him in 2007 about putting new Pella windows in our house and he told us we could get a tax credit up to $2000.00 on our taxes in 2008. When we went to get our taxes for 2008 done we had put the windows in he told us they did away with that tax credit for 2008. Don't think we weren't mad. know the have one for 2009. It shouldn't matter what year you should get a tax credit.
First, let me say that I am a tax professional. Specifically, I am an enrolled agent (the only credential for tax professionals issued and administered by the federal government).
It had been widely anticipated that the energy credits that expired at the end of 2007 would be extended for 2008. Congress chose not to do so. The 2009 economic stimulus package reintroduced the credit with new rules and limits.
Even the new credits will expire in a few years. So conrtary to what viv said, it does matter what year it is, as the laws do change from year to year. It may not be fair, but its the law.
Thanks for the update. I suppose checking forms on IRS.gov is among the better ways to see what is current. Goodness only knows reading through the tax code is.....not gonna happen for me anyway!
Frankly, I depend upon publications by my employer and a professional organization I belong to in in order to keep abreast of tax law changes. Few tax professionals actually read the tax code. It's several volumes in length. I have only once tried to find something in the code when I really needed to know exactly what it said.
I prepare close to 100 tax returns each year (and I do it on a part time basis). I like to DIY around the home, but there are times when I know I need to hire a pro to make sure things are done right. A lot of people can prepare theor own tax return, but there are times you need to hire an experienced tax pro.
