Get your last minute tax breaks if you own a Pittsburgh PA home. You have to make the purchases shortly if you are going to get them in time. This is the last year you can take the tax break and that is contingent on not having taken it last year. The tax credit for you Pittsburgh PA home is a combined credit for 2009 and 2010.
The tax credit can be worth 30% of what you pay to install new energy efficient appliances such as central air units, water heaters, furnaces, windows, doors and insulation in your home. If you are not sure what may need replacing, an energy audit can narrow down the appliances that are using too much energy.
In addition, you can go green and save as well. If you install energy equipment for alternative energy use, you can receive a tax credit of 30% of the money spent on the new equipment. And the best part is there is not a limit on the amount you spend on the qualifying items. They can include wind turbines, geothermal heat pumps, solar hot water heaters and solar electrical systems as well as the labor to install these items.
Do you own a Pittsburgh PA home that is used as a vacation home? You can deduct losses from this home if you rent it for part of the year. But this is only if you do not use the home for your personal use more than you rent it. The limit on this is 14 days or 10% of the days it is rented out. The rental cannot be to friends or family who use it and pay a reduced rent or no rent. Personal use does not include any time you may be there maintaining the home or repairing it.
If you do rent out your Pittsburgh PA home you can take advantage of rental income tax free for a certain period. Temporary rentals of up to 14 days can be yours to keep without reporting it to the IRS. There is a provision that allows you to do this and if you live in an area that a special event is going on you could make a tidy little profit by renting your home out for this.
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