This tax credit helps individual taxpayers pay for qualified residential alternative energy equipment, such as solar hot water heaters, solar electricity equipment and wind turbines. The credit, which runs through 2016, is 30 percent of the cost of qualified property. There is no cap on the amount of credit available, except for fuel cell property. Generally, you may include labor costs when figuring the credit and you can carry forward any unused portions of this credit. Qualifying equipment must have been installed on or in connection with your home located in the United States; geothermal heat pumps qualify only when installed on or in connection with your main home located in the United States.
Not all energy-efficient improvements qualify so be sure you
have the manufacturer’s tax credit certification statement, which can usually
be found on the manufacturer’s website or with the product packaging.
If you're eligible, you can claim this credit on Form 5695, Residential Energy Credits when you file your Federal income tax return. Also, note this is a tax credit and not a deduction, so it will generally reduce the amount of tax owed dollar for dollar. Finally, you may claim this credit regardless of whether you itemize deductions on IRS Schedule A.
If you're eligible, you can claim this credit on Form 5695, Residential Energy Credits when you file your Federal income tax return. Also, note this is a tax credit and not a deduction, so it will generally reduce the amount of tax owed dollar for dollar. Finally, you may claim this credit regardless of whether you itemize deductions on IRS Schedule A.
For more details, you can visit http://www.energystar.gov/index.cfm?c=tax_credits.tx_index.
brad@mcarthurco.com
704.544.8429
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