Guv'ment Money!

[Randyonr3]

Originally Posted by Don Lucas

Well I don't see a way to not be political on this one.

Your exactaly right Don, and I'm going to overstep the other issue never to be brought up..
It like giving a few dollars to a drunk setting on the curb waiting for a handout.. as you know he will probably go right back out and buy another bottle with it.. BUT in the larger picture, you've given the money in Good Faith in hopes he will do the right thing with it..
So all you can do is give, and as I said, do it in good faith.. Just as our taxes, we've given in hoping that it will be spent properly, and even thou they waist it on that we dont agree with, it was given for the Right Reason, In Good Faith.........

[sailorboy1]

I call crap again!!!!!

[Hud3]

Let's not get too hot and heavy into the political arena, folks. Discussing the ins and outs of using U.S. income tax credits to help finance a boat to live on is fine. Debating how the government runs it's affairs isn't about boating and cruising, so it's not appropriate here.

Thanks.

[YOGAO]

Originally Posted by Don Lucas

I call crap again!!!!!

...someone complain about thread drift?

For more details on alternative/renewable energy credits click here.

Fair Winds,
Mike

[sailorboy1]

Originally Posted by drew.ward

So I am curious, does anyone know of any other money that is available to help in a boat purchase?

The answer is no, I don't know of any other free money for you to buy a boat!

What thread drift!

[PattyHamilton]

SO, reading this it looks like we can add a wind generator and solar panels to our boat ( principle residence) and get a tax credit. Is this right?

Thanks,

Patty

[Seahunter]

Originally Posted by PattyHamilton

SO, reading this it looks like we can add a wind generator and solar panels to our boat ( principle residence) and get a tax credit. Is this right?

Thanks,

Patty

This is true, however the credits vary from state to state and to "appliance" ie there is more money for solar than wind. In the US here is the link for more info. DSIRE: DSIRE Home This site includes ALL renewables. Good Luck.

[hellosailor]

Patty-
Absolutely. Bearing in mind, the state and federal credit programs are entirely separate and different. You should qualify for the federal one regardless of where the boat is, then any state program would be limited to the state you are registered/documented in. Unless that's restricted to "any homes in this state" type of language, and you weren't in home waters.
Isn't it always something?

30% federal credit for solar hot water heaters, IIRC. That "solar camp shower bag" probably would qualify as well. :-)

[Seahunter]

30% federal credit for solar hot water heaters, IIRC. That "solar camp shower bag" probably would qualify as well. :-)

I've been doing the green thing for over 30 years now. Don't be fooled by the "tax credits" offered; they usually only add up to a couple of hundred dollars if anything as they can't be combined and you can only get a credit towards tax that you owe against income you make. Some programs can be carried over up to 20 years (but read the fine print). Also, if there are any state incentives that match, you'll have to deduct that amount. And as usual there's no free lunch; most will become taxable income for the next year. I've learned to pick and choose which utility, state and federal incentives are best for my clients, depending upon the net return over the long haul. One needs to read the rules and understand the minimums and maximums. Here's some FAQs http://seia.org/galleries/pdf/SEIATa...l_v3-0_FAQ.pdf and the IRS Form http://www.irs.gov/pub/irs-pdf/f5695.pdf
EG; a 200 watt panel from West Marine won't make the grade as it doesn't produce enough power, the same applies to wind turbines producing less that .5KW. For boaters, the big kick in the groin is that with many of the large state and utility incentive programs, an alternative energy investment, MUST be grid-tied and not stand alone. So, you'll need a long extension cord if you want to be grid-tied.
That said, there are monies available and the bottom line is that for boaters, energy not produced by diesel fuel or gasoline is a great investment and it's the right thing to do, energy credits aside.
As for the water bag "At least half the energy used to heat the dwelling's water must be from solar.", you'll need one big bag.

[denverd0n]

Originally Posted by Seahunter

EG; a 200 watt panel from West Marine won't make the grade as it doesn't produce enough power, the same applies to wind turbines producing less that .5KW.

HUH!?! Where are you getting this? Are these some state's rules? Or maybe these are older rules.

I read through the instructions for getting the federal credit, and went to the IRS site and checked their additional information and FAQs. I don't see anywhere that the solar or wind installation must be any minimum size.

[Jetexas]

The first-time homebuyer tax credit wasn't to help realtors. It was to keep some sort of demand for housing up, so that the value of everyone's homes didn't drop below the value of their mortgages, which would in turn spur even more people to default on their loans, which would in turn send the banking and financial system into even worse ruin. I'm not saying it didn't help realtors and mortgage brokers, but that was just a side effect. The main purpose was to preserve the value of the homes of all taxpayers by stimulating the housing market.

There is an alternative fuel vehicle credit available, which in my opinion should be applied to sailboats, but it only applies to vehicles with wheels -- maybe if your sailboat is trailerable you might be ballsy enough to claim that one.

Currently there's a tax incentive for buying green appliances that anyone can get. I think there will probably be another one enacted this summer for energy efficiency updgrades like new windows and insulation. Whether or not you can find windows and insulation that fit the requirements for a boat, I don't know.