Monday, November 16, 2009

 

Energy Efficiency Tax Credits

Most rental buildings will not be eligible for the federal energy efficiency tax credits, if you live in your rental property you may be able to write-off a portion of the cost. You will need to check with your accountant to see what portion of the improvement will pertain to the your personal tax return. There are many thing to consider. How much of the rental property is considered investment vs personal use. What improvement you made and how it effects the building vs you personally. For example if each unit has it own furnace then you may be able to take the full credit amount for replacing your own personal furnace. The link above has a lot of use full information about the EE tax credit and how to apply for it. Also keep in mind that only the most energy efficient appliances qualify. You may be able to purchase a much more efficient furnace but it may not meet the standards for the credit, so do your research before buying anything. Also the total credit you can take for any and all improvements is $1500.

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