I have a question about the energy efficiency tax credit. Can I use the energy tax credits to deduct items I purchased to make my home more energy efficient?
The energy efficiency tax credit helps to offset the cost upgrading your home to make it more energy efficient. Using the energy tax credits, you can claim the cost of more energy efficient items you install in your main home to increase your home’s heating and cooling efficiency. You should expect these items to remain in use for at least five years.
These items are eligible for the energy tax credit if you placed them in service in 2015:
- Insulation material or systems
- Exterior windows, skylights, or doors
- Storm windows and storm doors installed over certain types of windows and doors
- Metal roofs
- Certain asphalt roofs
You can deduct 10% of the purchase price for each eligible item. However, the credit has a lifetime limit of $500. Also, no more than $200 of the $500 can apply to windows and skylights.
The nonbusiness energy property credit applies to the cost of some materials. You cannot deduct the cost of appliances.
Learn more about claiming premium tax credits with advice from the tax experts at H&R Block.
When can you take a meal allowance as part of business travel deductions? Learn more from the tax experts at H&R Block.
The startup tax or new business tax is a topic many new business owners shy away from. Our tax pros provide business tax tips so you don't get caught off-guard.
Looking for more information about your Pennsylvania refund? Find out details on how to check your refund status, who to contact, and more from H&R Block