As promised, our CPAs, Kositzka, Wicks & Company have lent their expert advice and today’s blog includes details of the federal tax credits and Virginia rebates that await taxpayers who make energy-efficient improvements to their properties.
Up to $1,500 Credit for Qualified Energy-Efficient Home Improvements in 2009 and 2010
30% Credit for Qualified Residential Solar Water Heaters, Geothermal Heat Pumps, Wind Energy Property, and Solar Electric Generating Property
In Order to Claim the Federal Tax Credits
Virginia Energy-Efficiency Rebate Program
Renewable Energy Rebate Program
For additional information on the tax credits and rebates contact your tax adviser.
Kositzka, Wicks & Company (KWC), certified public accountants, is located in Alexandria, Virginia. Formed in 1983, KWC was founded with a commitment to provide quality, personal service in a timely manner. For over 25 years, the staff has grown to more than fifty people, all dedicated to this founding principle. Visit us at www.kwccpa.com.
Circular 230 Disclaimer: Any tax advice contained in the body of this material was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provision
More and more buyers and sellers are adding environmental features to their buying and selling criteria. Arbour Realty is the first environmentally friendly real estate company in Northern Virginia and has created the following list to help buyers and sellers green their home sale or purchase.
1. Utility Records
Selling: Ask your utility company to provide you with the last 24 months of utility records. You can mark out the account number and provide the report as part of the information booklet at your listing. This will help potential buyers understand the monthly costs involved in owning this particular home. Without this information, buyers may over-estimate the monthly utility costs.
Buying: Ask your agent to request the last 24 months of utility records from the sellers. Remember to take into consideration that homeowners have varying degrees to which they use energy. Sometimes they can be provided in electronic format.
2. EcoBroker or NAR Green Designation
Selling: You may want to seek a Realtor that can provide you with suggestions for how to prepare your home for sale in a way that will attract buyers conscious of saving money on utility bills, indoor air quality, improved comfort and environmental impact.
Buying: EcoBrokers and NAR Green Designees are trained on energy efficiency and cost savings of proper insulation, windows, appliances, heating and cooling systems and other home features that affect your comfort and your energy bills. Their network of green professionals can help you improve environmental aspects of a home including indoor air quality and ventilation.
3. Public Transportation
Selling: Provide a list and possibly a map of the local public transportation options for the home you are selling. This is one way of adding value to your home without having to spend a single penny.
Buying: Ask your Realtor to help you find the local public transportation options. Below are a few good places to start.
Alexandria - www.dashbus.com
Arlington - www.commuterpage.com/art
Fairfax - www.fairfaxva.gov
Falls Church City - www.fallschurchva.gov
Washington Metropolitan Area - www.wmata.com
4. Walk Score
Selling: Show potential buyers how walkable the area is where you home is located. You can input your address at www.walkscore.com and print out the results to leave behind for buyers. Or, save paper and include a link to your walk score in all of your web marketing.
Buying: When comparing homes it is helpful to input the address into www.walkscore.com and find out how walkable the communities are. You will also learn about local shopping options, parks, schools and workplaces.
5. Photos or Video Tour
Selling: We highly recommend providing an abundance of visual aids to go along with your listing. When evaluating listings agents for your home, ask about their plan to provide photos and/or video tours of your property. It will help your home stand out and is more likely to be considered by potential buyers.
6. Home Energy Audit & Green Living Consultation
Selling: If you have a home that is energy efficient and/or has features that improve the air quality, this may be a good way to showcase your investment. Home buyers are becoming more and more savvy when it comes to understanding the benefits of a home with green features so why not provide them with a third-party evaluation to back-up your claims.
Buying: A home energy audit will help you discover the areas of the home where you can get the largest energy efficiency gains and improve the air quality and comfort of the home. A green living consultation can help lead you in the direction of making choices that will benefit you and the planet.
7. HOA & Condominium Disclosure Documents
Selling: Most home owners association and condominium associations now offer the condo disclosure package in electronic format. It saves paper and is easier to distribute. Check with your association to see if they are offering electronic format yet. If not, they may just need a little nudge from you.
Buying: When filling out the Virginia Jurisdictional Addendum you and your agent have the opportunity to select that you prefer the HOA or condominium disclosure package to be delivered in electronic format. By simply checking this box, you are saving hundreds of pages of paper and saving yourself a trip to pick up the package.
8. Paperless Contracts
Buying & Selling: You can save hundreds of pages of paper and countless trips to meet your Realtor by using electronic signatures. This is an inexpensive option that your Realtor can choose to use. Electronic signatures are easy to use, secure and legally binding. They also help preserve the readability of the contract.
9. Preparing the Home For Sale
Selling: Many homes need a little freshening up before they are ready to go on the market. Why not make choices that will improve the air quality, energy efficiency or minimize your carbon footprint? Below are three suggestions to get you started on the right track.
* Simply using no-VOC paint will eliminate the offensive and potentially harmful odors left behind when painting the interior of your home.
* If you need to replace an appliance or HVAC system, look for a replacement that is EnergyStar certified.
* If you need to modernize your kitchen or bath, consider earth-friendly options for your counters, cabinets and plumbing.
10. Pick The Most Efficient Route
Buying: Whether you are enjoying a Sunday afternoon visiting open houses or getting ready to go out with your Realtor to see the homes you have narrowed down, it makes sense to follow the most efficient route between the homes you are visiting. Save time, gas and pollute less. There is a free online tool that you can use to enter the addresses you will be visiting and it will plan the most efficient route for you: http://www.idealroute.com/
To learn more about green real estate, please visit ArbourRealty.com
Wind power is a renewable form of energy, produces no carbon emissions, and is not likely to run out anytime in the future. In an earlier blog I shared with you all the idea of creating your own home or residential energy by installing a wind turbine. Wind turbines are perfect for certain areas but may not be so ideal for a metropolitan area, plus they also require an initial investment and can come up against opposition.
Click on the following link to read more about Wind Power for Businesses and Homes
Learn more about Green Real Estate
Today’s news seems very fitting with the blog I wrote last week ‘Meet Chris Your Local Energy Auditor’, which identified the benefits of a home energy audit. In last weeks blog, I highlighted the following as the main reasons for conducting a home energy audit: improving air quality, saving money on energy bills, increasing comfort, mitigating moisture problems, and reducing your carbon footprint.
If the above reasons were not a big enough incentive to schedule a home energy audit, I think the following exciting news from Virginia DMME’s Division of Energy should seal the deal.
Click here to read more about Virginia's $250 Energy Audit Rebate
Click on the following link to view Green Real Estate
October Sales Tax Holiday normally makes me think about clothing, back to school items but not normally environmentally friendly products. Well that is exactly what this October Sales Tax Holiday covers, this October Sales Tax holiday features tax exemption on Energy Star and WaterSense Qualified Products.
Read more about the October Sales Tax Holiday.
Check out Northern Virginia Home
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