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Greetings!
Spring is here! At least that's what they tell us! I know many of you have enjoyed the snow, but are ready for warmer weather to get outside, work in the garden, improve your home or play with your kids! This edition of our monthly newsletter explains some of the tax credits offered to homeowners and shows our latest basement project. As always, we strive for content that is relevant and educational.
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| See How it Happens | |  Although this basement was spacious, it had two structural beams positioned in prominent places.  Instead of merely covering the beams, they were incorporated into this unique design. Because the homeowners like to entertain, they agreed that adding a 13 ft. granite-topped cherry wood cabinet area would add interest and function to the room. Using different neutral paint color tones added dimension to the already interesting tray ceiling design. Incorporating both pendant and recessed lighting, helped to create an overall warm feeling to the newly remodeled basement. |
Spring Checklist |
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After a long hard winter, here are a few items you might want to check for:
1. Clogged or damaged gutters
2. Broken windows
3. Ripped screens
4. Dented garage doors
5. Missing roof shingles
6. Leaky basement
7. Damaged mailbox
8. Cracked or sunken patio
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Seven Facts about the Energy Property Credit |
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 Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009.
Here are seven things the IRS wants you to know about the Nonbusiness Energy Property Credit:
- 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 claimed for 2009 and 2010 combined.
- The credit applies to improvements such as adding insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems.
- To qualify as "energy efficient" for purposes of this tax credit, products generally must meet higher standards than the standards for the credit that was available in 2007.
- Manufacturers must certify that their products meet new standards and they must provide a written statement to the taxpayer such as with the packaging of the product or in a printable format on the manufacturers' Website.
- Qualifying improvements must be placed into service after December 31, 2008, and before January 1, 2011.
- The improvements must be made to the taxpayer's principal residence located in the United States.
- To claim the credit, attach Form 5695, Residential Energy Credits to either the 2009 or 2010 tax return. Taxpayers must claim the credit on the tax return for the year that the improvements are made
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| Move Up / Repeat Home Buyer Tax Credit |
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Here's the $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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As always, thank you for looking at our electronic newsletter. If you have any questions or comments (WHICH WE REALLY WANT) please call 410-557-0322 or email to info@taylormadecontracting.com
Kevin & Suzanne Taylor
Taylor Made custom Contracting, Inc. |
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