Did
you know that you could actually earn extra money by installing
MyHome’s energy efficient siding systems?
Keep in mind that insulation is only considered an “Eligible
Building Envelope Component” if it is specifically
and primarily designed to reduce heat loss or gain of a dwelling
unit when installed in or on the dwelling unit. You may be
able to earn a $500 tax credit when you make qualified energy
efficiency improvements to your home’s exterior.
The first step is to review all information about the Credit
for Non-Business Energy Property §25C provided by the
IRS itself at http://www.irs.gov/pub/irs-drop/n-06-26.pdf before you take any steps.
Guidelines for § 25C of the Internal Revenue Code are:
The credit amount established by § 25C of the Internal
Revenue Code is:
•
10% of the amount
paid or incurred by the taxpayer for qualified energy
efficiency improvements installed during the taxable
year.
•
Up to maximum credit of $500.00
for all taxable years (all improvements combined).
•
Allowed only for amounts
paid or incurred to purchase the insulation.
•
Not allowed for amounts paid
for onsite preparation, assembly, original installation
labor, siding or sales tax.
•
The purchase must be made
during the taxable year for which the credit is claimed.
•
Retroactive and with time
limits, covering product in service after December
31, 2005 and before January 1, 2008.
Once you establish that you are, in fact eligible to claim
a Tax Credit for Non-Business Energy Property § 25C and
have reviewed the IRS’ guidelines, please perform the
following steps:
1.
Request an invoice
from MyHome demonstrating the cost breakout of the insulation
material from your contractor. This cost must exclude
the cost of onsite preparation, assembly, original installation
labor, siding or sales tax.
2.
Download the applicable official
Manufacturer's Certificate PDF following the links below
(Adobe Acrobat Reader required).
3.
Retain the contractor invoice
and our official Manufacturer's Certificate for your
IRS records. You are not required to provide this documentation
to the IRS, but you will be required to present it if
audited.
Did
you know that you could actually earn extra money by installing
MyHome’s energy efficient siding systems?
Keep in mind that insulation is only considered an “Eligible
Building Envelope Component” if it is specifically
and primarily designed to reduce heat loss or gain of a dwelling
unit when installed in or on the dwelling unit. You may be
able to earn a $500 tax credit when you make qualified energy
efficiency improvements to your home’s exterior.
