This tax credit isn’t even solely held to your primary residence; you can even claim it for a vacation home. The only difference is that the amount of the credit that you can utilize is dependent on the time that you are actually in that home. Rental properties, on the other hand, generally do not qualify as the owner does not usually live there. So what’s the rush then?
Nothing lasts forever and so is true of this tax credit. When the powers that be extended the tax credit in 2008, they only did so for an additional eight years, bringing its expiration date to 2016. That leaves only three years to know with any certainty that you can take advantage of this tax credit. After that we just cannot say what the future holds, but for now, if you want to see an impact on your tax liability for 2014, you need to get moving! Any of the aforementioned renewable energy systems must be installed before the New Year. This means you need to have the contract for the work signed by mid-November with all the necessary permits in place to make sure all install work will be completed in time before the first of January. Hurry, the end of the year is coming. Don’t miss out on some major savings this tax season. Forward-thinking green solutions are our future.