The bill now being considered offers first-time homebuyers a tax credit of up to $8,000 if they buy homes between Jan. 1 and Dec. 1, 2009. Those who haven’t owned a home in the last three years will qualify as first time buyers. Additionally, existing homeowners could get a tax credit of up to $1,500 by making their homes more energy-efficient in 2009 or 2010. Numerous projects would qualify, such as installing energy-efficient windows, doors, furnaces, and air conditioners, or adding insulation. Homeowners can get back 30 percent of their expenses, up to $1,500.
Source: Associated Press
How do I get the tax for home owners up to 1500 dollars?
Patti, when you do your taxes, either tell your accountant about the improvement you made, or if you use tax software, there is a section that will walk you through entering in the energy efficient updates. The tax savings will be based on the type of upgrades and the amount you spent. This link has a little more info http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
Do we have to pay the credit back? source http://bit.ly/10uc8O. I am a new home owner in Dallas Tx.
As long as you bought after Jan 1, 2009, the tax credit does not have to be paid back. The $7500 tax credit from 2008 does have to be repaid.
This link should help answer any other questions http://www.irs.gov/newsroom/article/0,,id=206291,00.html