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Re: Tax Credit
It's basically an interest free loan, so it makes sense to get it. If I were eligible, which we're not, I would get new windows, a new hot water heater and maybe a new heater in the next 2 years. The new stimulus package, if it's passed, will give you a tax credit of up to $1,500/year for 2009 and 2010 for any kind of energy efficient upgrade to your home.
So basically you'd be getting a interest free loan and then up to an extra $1,500/year. No brainer.
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Here's the link to the IRS website about this...
http://www.irs.gov/newsroom/article/0,,id=186831,00.html
I was just talking to the DH about this and he sent me a link that states the below (if the new stimulus package passes):
Most importantly for builders, the plan also gives first-time buyers a permanent $7,500 tax credit for homes purchased through June 30. In the economic recovery bill passed last year, that $7,500 was in the form of a 15-year loan and failed to muster much interest among buyers. This new credit would not have to be paid back.
I would file for the 7500 if it wasn't a loan as they are suggesting in this new stimulus package.
http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012917