$$$ How to save money in 2011 $$$
As of December 17, 2010 President Obama has signed into law the a revised bill that includes a tax credit for windows and doors. The bill establishes the criteria for windows and doors to qualify for the new tax credit.
The tax credit is 10% of the purchase price and has a cap of $200 for widows and a total cap of $500 for all qualifying products, including doors. If both windows and doors are purchased, the $200 cap would apply to the windows and any amount applied to the windows would reduce the amount available for doors or other qualifying products.
The tax credit is an extension of the previous tax credit and the limits are characterized as "lifetime limitation". Therefore, homeowners who have already used up the $500 dollar limit in tax years after 2005 would not be eligible for the 2011 tax credit.
The product must meet the ENERGY STAR requirements to qualify for the tax credit.
The revised bill becomes effective on January 1, 2011 and expires on December 31, 2011.
Only the product cost qualifies for the tax credit. Labor and other materials are excluded.
Please check the IRS website for full details.
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