The term “geothermal” is derived from the Greek words for Earth (geo) and heat (therme). In essence geothermal energy is power harnessed from the Earth itself. Heat from the Earth’s core, which averages about 6,650 degrees Fahrenheit, emanates out toward the planet’s surface. Heated springs and geysers up to three miles underground can be accessed by special wells that bring the hot water (or steam from it) up to the surface where it can be used directly for heat or indirectly to generate electricity by powering rotating turbines. Since the water under the Earth’s surface is constantly replenished, and the Earth’s core will continue to generate heat indefinitely, geothermal power is ultimately clean and renewable.
(*First is defined as not having owned a home in the last three years.)
The government is offering a one-time credit of $8,000, (or 10 % of the purchase price, whichever is the lesser amount ) of your first home. For example, if you buy a home for $76,000, then you would qualify for a credit of $7,600. But if you pay more than $80,000 for your new home, then you would qualify for an $8,000 credit.
How do you take advantage of this incredible offer? You must purchase a home that will be your main home before December 1, 2009. You will even qualify if you bought your first home after April 8, 2008. Then you have some options as to how you get your money from the government.
The fastest way that I know of is to do a Rapid Amended Return to your 2008 tax return. However, I heard a rumor that I’m tracking down that would allow you to get your money before you purchase a home. So far I haven’t confirmed that, but if I get that confirmation, I will write an update in my next column.
The other way to obtain the credit is to simply fill out a Form 5405 that you submit with your 2009 taxes.
Personally, I think amending your 2008 tax return might be the best way to go. You would get a check in the mail -- as long as you don’t owe the IRS any money, that is!
We’re running out of time to get your new home before December 1, 2009 and a tax credit from the government! So act fast and call me today!
Pam Ryan Anderson
Real Estate Broker, Ryan Realty
This fall, come enjoy the national pastime at Tropicana Fields in St. Petersburg with the Tampa Bay Rays baseball games!
Selected Saturday nights will feature a concert by a different artist. The concerts begin shortly after the end of the home game and are free with the purchase of that night’s game ticket.
Here is the home game schedule for September and October.