Tax Credit Extension for Military and Fed Employees

The $8,000 tax credit for first time homebuyers that expired April 30th was extended a year for military personnel and Federal employees.

Members of the uniformed service, members of the Foreign Service and employees of the intelligence community serving on qualified official extended duty services outside the United States for at least 90 days starting December 31, 2008 and ending May 31, 2010 are eligable for the tax credit if a binding contact is entered into by April 30, 2011.

Going Green? 10 Tax Break for 2010

From Urban Trekker:

Looking to fix up your house? Here are the 10 tax breaks for going green,
via Forbes.

1. If you fix up your house. $1,500 off your tax bill - a 30% credit for the first $5,000 you spend in 2009 or 2010 for improvements to your house energy efficiency. (for further reading: Energy Efficiency Home and Vehicle Tax Credits)

2. Buy a new refrigerator. States are rolling out $300 million worth of rebates for home owners who replaced their clunker apps with new energy-efficient models.(check out Department of Energy approved Energy Efficiency Rebates)

3. Get hot water from the sun. Solar hot water system to heat your shower or radiators (not hot tub or pool) qualify for a 30% federal credit with no dollar cap.

4. Install a solar energy system. Uncle Sam will give you a tax credit equal to 30% of the price of a solar system you install to generate electricity in your home. For a $60,000 system, that's a whopping $18,000 off your taxes.

5. Take the bus. Bus, train, subway, and van-pool commuters can now get equal tax benefits with those who drive solo to work an pay to park. (up to pre-tax $230 for employers sponsor plans).

6. Buy a Ford hybrid. Taxpayers stuck paying the AMT can finally claim the credit for hybrid cars purchased in 2009 or 2010, but only if they buy Ford motor hybrids. (FYI: Honda and Toyota no longer qualify). Check out Alliance to Save Energy for Vehicle Tax Credits for more info.

7. Plug In a Chevy Volt... slated later for showrooms in November with projected price of $40,000, qualifies for federal tax credit of $7,500. Nissan Leaf coming out in December, should also qualify for the credit.

8. Bike to work. A new law lets your employer reimburse you $20 a month for bicyle commuting as tax-free fringe benefits. Can't take both with train, it's one of the other.

9. Dig for heat. Uncle Sam will give you a tax credit for 30% of the cost of geothermal heat pump system that feeds off the warmth in the ground to heat your home.

10. Put a windmill in your yard. A basic residential windmill runs $40,000, but you can get a federal tax credit equal to a full 30% of your windmill cost.More on tax tips "How to Save Money on Going Green" and watch video on 'Tax Tips for 2010.'

For further reading you can check out few sites:
Alliance to Save Energy: Energy Efficiency Home and Vehicle Tax Credits
Energy Savers Rebates, Tax Credits, Financing: Approved Energy Efficient Appliance Rebates
Virginia Energy Efficient Appliance Rebate Program
Maryland: Residential Incentives and FY 2010 Comprehensive Program Guide
Green DC: Energy Star Appliance Rebates
DSIRE: Database of State Incentives for Renewables and Efficiency

Tax Credit to Home Buyers Extended and Expanded

The White House has confirmed that President Obama will sign into law an extension on the federal tax credit to first time home buyers sometime this weekend. The bill, which also includes an expansion for prospective buyers that already own a home, passed in Congress just days ago. The tax credit was due to expire at the end of November, however, members of Congress worked hard to renew the important economic stimulus package.

Congress has extended the $8,000 tax credit to new home buyers by seven months. They also added a $6,500 tax incentive to those buyers who currently own a home and have lived there for five years or more.

http://cbs11tv.com/national/congress.jobs.homebuyers.2.1293300.html

$8,000 Tax Credit Set to Expire on November 30th

The $8,000 federal tax credit for first time home buyers is set to expire on November 30th. Congress is now debating whether to extend the program which some say is essential to a fragile real estate market.
As of right now, anyone who has not owned a home in the past three years qualifies for the rebate. As many as 40% of all homebuyers this year will qualify for the credit, which by the end of November will have been directly responsible for several hundred thousand home sales.
Members of congress have proposed more than 20 bills to extend and/or expand the tax credit, many shaped around a $15,000 rebate program that will be offered until September of next year for any buyer that stays in a home for at least 2 years.

San Francisco Chronicle