Friday, January 3, 2014

SHOW ME THE MONEY! Energy Efficient Income Tax Deductions for Home Owners

Home Owners Save $$$
Residential Energy Efficiency Tax Credit
This tax credit was retroactively renewed until December 2013, meaning that any qualified equipment, installed in 2012 or 2013, is eligible for this credit. This personal tax credit can be used towards energy efficient technologies such as:
Water heaters/Furnaces/Boilers/Heat pumps/Central air conditioners
Building insulation/Windows/Roofs/Circulating fans used in a qualifying furnace.
Residential Renewable Energy Tax Credit
The Residential Renewable Energy Tax Credit (for residential energy property) was originally applicable for solar-electric systems, solar water heating systems and fuel cells. However, through the Energy Improvement and Extension Act of 2008, the tax credit was extended to include small wind-energy systems and geothermal heat pumps as well. Eligible renewable (and other) technologies include:
Solar Water Heat/Photovoltaics/Wind/Fuel Cells/Geothermal Heat Pumps/Other Solar-Electric Technologies/Fuel Cells using Renewable Fuels.
Refer to IRS Form 5695:
Have more Tax related questions?  Call or email Prestige Accounting - Pres. Helen Waddell
Mortgage related questions? Call or email Sr. Loan Officer, Heather L. Craig