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The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
The maximum credit amount remains at $8,000 for a first-time homebuyer –– that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.
But the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.
For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.
A new version of Form 5405, First-Time Homebuyer Credit, will be available in the next few weeks. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.
A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.
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Continue Article at Irs.gov
Also, tax credits for energy efficiency extend to 2010.
Nonbusiness energy property credit. This credit, which expired after 2007, has been reinstated. You may be able to claim a nonbusiness energy property credit of 30% of the cost of certain energy-efficient property or improvements you placed in service in 2009. This property can include high-efficiency heat pumps, air conditioners, and water heaters. It also may include energy-efficient windows, doors, insulation materials, and certain roofs. The credit has been expanded to include certain asphalt roofs and stoves that burn biomass fuel.
Limitation. The total amount of credit you can claim in 2009 and 2010 is limited to $1,500.
Residential energy efficient property credit. Beginning in 2009, there is no limitation on the credit amount for qualified solar electric property costs, qualified solar water heating property costs, qualified small wind energy property costs, and qualified geothermal heat pump property costs. The limitation on the credit amount for qualified fuel cell property costs remains the same.
See Chapter 37 of the IRS's Pub 17 for more information.
In honor of this rare sunny December day in Seattle, here is an excerpt from Brian Clark Howard's article in The Daily Green, "6 Surprising Places Where People Are Choosing Home Solar Power: You don't have to live in the Sun Belt to take advantage of solar panels."
Follow the link the article to view the map.
"A look at this map shows some of the trends above (wealth and progressive values tend to correlate to interest in solar power in Seattle and Boston, for example, despite a relative lack of sun.) Also worth noting is the hotpots in New Jersey and Colorado, two states with incentive systems that promote adoption of solar technology, in addition to California. But there are also some regions that may surprise some observers. One note is that the interest map does skew toward regions with more dense populations, but even taking that important fact under consideration we think some trends are worth noting:
Washington State
While the Evergreen State does have a concentration of progressive, tech-savvy and green leaning folks in the Seattle area and Bellingham, it's interesting to note that interest in solar power is still fairly strong in rural areas and, to a lesser extent, the eastern part of the state, where incomes are much lower. Further, Washington is the cloudiest state, both in reputation and according to the data. In fact, the first 14 least sunny cities in the nation are all in Washington"
Read more: http://www.thedailygreen.com/living-green/blogs/recycling-design-technology/home-solar-power-461109?src=nl&mag=tdg&list=dgr&kw=ist#ixzz0YZUQLTKb
More solar energy information.