Homeowner Green Tax Incentives
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My class presentation from the Wilmington Business Journal\'s and Cape Fear Green Building Alliance\'s 10/13/10 Green Living Expo.
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Homeowner Green Tax Incentives
- 1. Tax Incentives Made Easy for Homeowners Adam Shay
- 26. Questions?
Editor's Notes
- 55 minutes pres and 20 minutes Q & A. Start by going around- 10 seconds on who you are, what you do, why you are here.
- Find out what people know. I don’t provide slides as taking notes really helps retention. Combining two of my big passions off saving the environment and saving money. Operating efficiency and tax credits will save you money. During the sales process, some of the details may not be covered. Won’t get into the details here. Please hold questions until the end- I may be covering your question. I’ll allow at least 20 minutes for Q & A.
- Focus on small businesses, individuals, and green tax credits. Lots of environmental involvement. Currently working towards my CPA designation. Why I do everything. Our pride and joy.
- My hope is that by helping you to understand these that you can make better decisions. 3. Cost of project / annual cash flow or savings.
- 2. If not used in the current year, they can be carried forward to future year(s).
- Where you live most of the time. 3. Some of these are items you can purchase @ hardware store and install yourself. 4. They have expired and been reinstated before, but I don’t know of any pending legislation.
- Includes some storm doors. Includes some skylights and storm windows. 6. Great resource is energystar.gov. Search for tax credit. But also note that not all energy star items qualify for a tax credit. Installation costs should not be included.
- 2. Great resource is energystar.gov. Search for tax credit. Installation costs can be included.
- 3. The 16 SEER unit was a little more expensive.
- I only have $240 left in residential energy tax credits to claim, no matter the size of another project that I take on.
- As I just mentioned, the $1,500 is a maximum credit for combined years 2009 and 2010. Do you research and make sure you are covered. You are the only one watching out for yourself. Some people will say anything to make a sale. By the time you try to claim the credit, you will have little recourse.
- 5. Will cover those in detail as we move forward.
- Most professionals have information on these. 1. Exclude up to 80% of value of solar property. 2. Rural as defined by USDA. 5. A lot more paperwork. Might benefit if you don’t have the tax liability.
- 3. $30,000 system.
- 1. Qualifies as long as rated by an accredited non-profit and ½ energy comes from sun.
- 4.
- You need tax liability. Unused portion can be carried forward. NC looks attractive but limits the credit you can claim in a given year to 50% of your NC tax liability for the year reduced by the sum of all other tax credits. Can carry forward 5 years. Multi-family has to be taken in 5 equal installments (still subject to limitations).
- 3. Just realize going into it what your credits you will realize so that you aren’t surprised. I am tired of seeing people surprised come tax time. These credits aren’t as simple or straightforward as they seem.
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