The IRS Deductions Blog

Posts Tagged ‘energy’

Question: How much should a replacement HVAC system cost in the DC area?

Has the “SEER 13″ efficiency standard greatly increased the cost of AC replacement (a lot of the other questions I see here were answered before SEER 13 was in effect)? I live in the DC area and got a quote for $7500 for complete HVAC system replacement including installation (no ductwork, for my 2600 sq ft house). The system is rated SEER 16 and qualifies for the $1500 tax deduction. Am I getting fleeced or is this about right?

Answer: always get 3 quotes and let them know you will get back to them when all the estimates come in, this keeps them honest

Items on Amazon Right Now for Hvac Tax Deduction:

Recovery: Energy Tax Credit-Claim It – 2011

Question: Are interests from a loan to update a roof tax deductible?

I live in Florida-US and am updating the old roof of my home with a completely new one before the next hurricane season. I assume that this won’t be a tax deductible expense if I pay for it directly, but would I be able to deduct interests of a home equity loan used towards this renovation?

Answer: The use of the money is not the determining factor. Interest on a home equity loan is deductible even if the money is used for a vacation. The deciding factor is that the loan is secured by your home. There are limits if your total loans is greater than $1 million, or if more than $100,000 is used for something other than buying, building, or improving your home. Unless you have a very expensive home, I doubt the limits apply.

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Clean house: Tips for paying down your mortgage

Still, it may be easier to pay throughout the year. For example, if your monthly payment is $1,200, pay $100 each month. Another option: Some banks will deduct half the mortgage payment from your account every two weeks, which adds up to 13 payments a year.

Toronto Home Tax Credit 2009

Question: With Itemized Deductions, is there a daily credit for temporary work?

A tax preparer informed me that since i work temporary short term construction jos, I can claim $30 a day for this in unreimbursed employee expenses. Is this correct information?

Answer: I have never heard of such a thing. Have him point it out to you on the IRS web site. The only reference for $30 a day is travel expenses and that would be travel to another city.

Items on Amazon Right Now for Construction Tax Deductions:

Marital deduction planning: for the non-citizen spouse. (provisions on the Technical and Miscellaneous Revenue Act on income and excise taxation of foreign … article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on August 1, 1992. The length of the article is 2689 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web br…

Use of management company prevents taxpayer from claiming active participation in rental property.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on August 1, 1996. The length of the article is 606 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: Th…

NSPA’s threshold concept – restoring a modicum of sanity to the tax code. (National Society of Public Accountants) (column): An article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on October 1, 1990. The length of the article is 812 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web br…

Pogue Construction founder faces sentencing in late August

The former president and found a major McKinney construction company will face sentencing for his federal tax charges later this month.

Tax Planning Houston & Houston Tax Accounting for Construction Contractors

Question: lets be honest……?

why blame repulicans or democrats..??? we all know that both parties contain enough power mad people that only are there to get reelected and amass their power base for when they retire, so they can then get the big bucks speaking, lobbying and consulting…there might be 1 or 2 people in gov’t that started out looking out for the small guy, but after 2 or 3 years in the corruptness of washington..they either play the political game or go home….its time we americans banded together and demanded someone to look out for us…..enforce the laws…have a flat tax..no deductions, no cheating….no lobbying or sitting on a corporation board after you get out of gov’t….get a freekin energy policy that gets us off oil…we have the brainpower to go to wind, solar, tidal, geothermal…we just dont have someone with the guts to say so in public….
i think once america solves this energy problem, we will return as the superpower we were….

Answer: You must be a member of the Common Sense Party!
Thank Goodness!!
I thought I was alone here!

Special Interest groups and Lobbying is getting in the way of Democracy. This is becoming more dangerous to the future of America than any terrorist organization.
Big Business and Big Money should NOT determine public policy and that is exactly what is happening!

I too feel that many politicians in every political party start out with the best intentions and then somewhere along the line their morals become corrupted and misguided. It seems the all mighty dollar blinds many to the proper path. Stronger safegaurds need to be in place against special interest groups and lobbyists. I see that was addressed in the first 100 hours. Time will tell if anything legislated now will be effective. It is a HUGE problem…… The selling of America to the highest bidder!

I also hope something is done in regard to the legislation passed in 2005 regarding Eminent Domain. A travesty!!

Items on Amazon Right Now for Tax Deduction Solar:

Compact Solar Workshop / Build Our Modular Office Furniture / Tailor a Sewing Room to Fit Your Home / Tax Deductions You Should Know About / TFH’s Whole House Repair Manual (The Family Handyman, Volume 33, Number 2, February 1983) …

State tax incentives to promote the use of solar energy …

List of top Chinese newspaper buzzwords in first half released

The words “housing prices regulation,” “Shanghai Expo,” “earthquake” and “low-carbon” were among the list of top buzzwords found in Chinese newspapers in the first half of 2010, Beijing Evening News reported on July 19.

Tax Credits With Solar Energy DIY Solar

Question: Deductions question?

Can a landlord use Water and Sewerage bill payments, and Water Heater Payments as a tax write off? I know that landlords have to claim rental income on their taxes as income, but are there any write off’s? I’m thinking about buying an apartment building, but I can’t find anything that says what is a deduction.
Yeah, I know I need to educate myself.. that’s why I’m asking about deductions. lol

Answer: Any money you put into your apartment building would be deductible, from what I know. If you pay the water or gas payments for the tenants, that’s an expense that you use to reduce your income when you do your taxes. Similarly with ANY expense that you put into the property or is related to the property such as repairs, improvements, property taxes, etc.

And, yes, you are wise to educate yourself first. Purchasing an apartment building is a HUUUUUUGE investment — you need to go into it fully armed with as much info as possible and your eyes wide open!

Good luck to you!

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EDITED TO ADD: Oops! I just saw you are in Canada. I answered from a United States perspective. Not sure if the same tax info would apply to you as it does in the US.

Items on Amazon Right Now for Tax Deduction Water Heater:

Who Qualifies for the Stimulus Plan Tax Benefits?

From the Homebuyers Credit to the American Opportunity Credit we breakdown the new tax breaks.

Summer Camp: Cornmeal “Onward” and interview