Residential Energy Efficient Property Credit
Non-Business Energy Property Credit
Non-Business Energy Property Credit You may claim a credit of 10 percent of the cost of certain energy saving property that you added to your main home. This includes the cost of qualified insulation, windows, doors and roofs.
In some cases, you may be able to claim the actual cost of certain qualified energy-efficient property. Each type of property has a different dollar limit. Examples include the cost of qualified water heaters and qualified heating and air conditioning systems. The Non Business Energy property Credit has a maximum lifetime limit of $500 and you may only use $200 of this limit for windows.
Your main home must be located in the U.S. to qualify for the Non-Business Energy Property Credit. Not all energy-efficient improvements qualify, so be sure you have the manufacturer’s credit certification statement. It is usually available on the manufacturer’s website or with the product’s packaging. The credit was to expire at the end of 2011 but a recent law extended it for two years through the end of 2013. I don’t know as of now if this credit would be extended any further.
Residential Energy Efficient Property CreditThis tax credit is 30 percent of the cost of alternative energy equipment that you installed on or in your home. Qualified equipment includes solar hot water heaters, solar electric equipment and wind turbines.
There is no limit on the amount of credit available for most types of property. If your credit is more than the tax you owe, you can carry forward the unused portion of this credit to next year’s tax return.
You must install qualifying equipment in connection with your home located in the United States. It does not have to be your main home and this credit is available through 2016.
Please use Form 5695, Residential Energy Credits, to claim these credits. You can get Form 5695 at IRS.gov.
This article contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information or contact Advance Tax Relief LLC
Noah Daniels, EA is the President of Advance Tax Relief LLC based in Houston, TX. Noah is very experienced in representing taxpayers before the examinations, collections and appeals divisions of the IRS and various state taxing authorities. Noah has helped hundreds of taxpayers nationwide resolve their tax problems with the IRS saving taxpayers hundreds of thousands of dollars in back-taxes, penalties and interest and the number keeps rising. He also speaks at various local organizations educating the public on how to handle their IRS tax problems, small business credits and tax compliance issues. For speaking engagements or for tax related questions email email@example.com.
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