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Federal Energy Tax Credits 2013, 2014 by amoooor lin





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Federal Energy Tax Credits 2013, 2014 by
Article Posted: 11/07/2013
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Federal Energy Tax Credits 2013, 2014


 
Business
Energy Efficient Home Improvement Tax Credits for 2014

There are two different energy efficient home improvement tax credits available. Each of the credits covers a different type of energy efficient home improvement and they also have different requirements that have to be met.

The Residential Energy Efficient Property Credit

During the past year if you made energy saving improvements to your home by installing an earth friendly energy source you will be able to claim the Residential Energy Efficient Property Credit. This credit can be worth up to 30% of the total costs that you spent installing certain renewable energy sources in your home.

The best part is unlike the Nonbusiness Energy Property Credit that we will cover in a few, this tax credit does not restrict you to your primary residence, with the exception of fuel cells, and it cannot be claimed on a newly constructed home or rentals – you have to be the home owner.

However, you can include all of your installation costs and there is no cap or upper limit except for wind turbines and fuel cells – they are generous caps though. Lastly, this tax credit will not expire until December 31, 2016.

What Qualifies Under the Energy Efficient Property Credit?

There are a variety of different things that qualify under this tax credit such as geothermal heat pumps, solar water heaters, solar panels, small wind turbines up to $4,000, and fuel cells up to $500 for each 0.5 kilowatt power capacity at your primary residence.

The Nonbusiness Energy Property Credit

If you have made certain energy efficient home improvements during the year 2012 you could be eligible for a tax credit of up to 10% of the purchase price if your product qualifies with a maximum amount of $500 for all home improvements - $200 for windows. The best part is some installations and labor costs can be written off too.

This tax credit is going to be available to all tax payers who did not claim more than $500 worth of home energy tax credits in a prior year. This means if you wrote off energy improvements during 2005-2011 you have to subtract those amounts from your $500 lifetime cap.

In order to claim this energy credit you are going to have to not only have purchased the improvements during the year but they also must have been used during the year as well. Furthermore, they have to have been made on your primary residence/existing home that you own.

What Qualifies for the Tax Credit?

The following energy efficient products qualify for the energy saving home improvements credit:

  • Biomass Stoves - $300
  • Advanced Main Air Circulating Fans - $50
  • Air Source Heat Pumps - $300
  • Central Air Conditioning - $300
  • Gas, Propane, or Oil Hot Water Boilers - $150
  • Gas, Propane, or Oil Furnaces- $150
  • Energy – Efficient Doors minus installation costs - $500
  • Energy – Efficient Skylights minus installation costs - $500
  • Energy – Efficient Windows minus installation costs - $200
  • Insulation – minus installation costs - $500
  • Metal or Asphalt Roofing – minus installation costs - $500
However, keep in mind even though all of these things qualify for the credit your combined total cannot be more than $500. Also, the Nonbusiness Energy Property Credit will expire December 31, 2013.

Turning to Turbo Tax for Help

When you turn to Turbo Tax for help it will be like an interview. They will ask easy to answer questions while filling in the correct tax forms for you behind the scenes. The answers you provide will enable them to see which deductions and credits you qualify for. In the event that you are unsure how to answer a question there are tax experts readily available to help you.

Turbo Tax provides you with step by step instructions to insure that you get every deduction and credit that you are eligible for. TurboTax insures that you get the largest refund possible. They even have a free tax refund calculator available that allows you to know the amount of money that you will be getting back.

Related Articles - Tax, Credits,

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