Did you literally put a new roof over your head in 2011? You may be eligible for a $500 energy tax credit for the roof replacement on your 2011 return.
To claim the $500 credit, file IRS Form 5695 you’ll need to know the facts. Here are the requirements as outlined by HouseLogic.
Tax credit limits and deadlines:
- 10% of expenditures, up to $500 for the year, for all energy improvements combined.
- A relevant roof must have been installed by Dec. 31, 2011.
- Save receipts and labels.
- For roofs, installation isn’t covered.
- See Energy Star for guidelines on what exactly is covered. It’s your safest bet for information on how to get the credit.
- Be warned that not all roofs, not even all roofs with the Energy Star seal, will qualify. Only specially manufactured roofs, as listed on the Energy Star site, are eligible.
- Don’t rely solely on contractors who may not know the details or who promise their products will get the credit in order to make a sale.
- As of January 2012, the feds haven’t extended the energy tax credit for roofs beyond 2011.
This is a Colonial style home and features 9 total rooms, 1 full bath, 2 half baths, 4 bedrooms, 0.34 Acres, and is currently available for $299,000.
For complete details click here.
This property features 3 total rooms, 1 full bath, 1 bedroom, and is currently available for $600.
For complete details click here.
If you are thinking about owning a piece of property to live in while wanting to have an extra section to help pay the bills, then you will find that there is an effective way to do it. Today, many people are considering the idea of buying a multi-family home, because this allows you to have your own space for you and your family while getting extra income from renting the other apartments. Keep in mind that as advantageous as this is, there are a few points that you have to consider.
The first thing to keep in mind is becoming a landlord will require some extra work. When repairs are needed, or a tenant does not pay the rent it can cause some unwanted worries. This being said it can also be a great way to start off allowing you to live, in some cases, rent free while getting monthly income to help pay down your mortgage.
Another point to remember is that when it comes to renting, is choosing the right tenants, you have to remember that you are in fact running a business, as you will be collecting an income from the home you are renting. Take the time to choose the right tenant, a credit check, otherwise you might find yourself in a situation where you will be losing money if your tenant does not pay up at the end of the month. If you are willing to put in the work, purchasing a multi-family home can be a great way to invest.
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