Energy Credits For Home Tax Form?

[ETax847]

What schedule does the credit for energy improvements to the home on and also is this form approved yet for e-filing?

Thanks!

[Lynn EA USTCP in Louisiana]

5695 ; yes

 

[ETax847]

Lynn,

I'm looking at the form in ATX and most lines say reserved for future use.  Any idea what line to add the costs for energy efficient windows?   Thanks so much for the prompt response!

[Lynn EA USTCP in Louisiana]

From what I read of the bill windows were not included. 

SEC. 40402. Extension and modification of credit for residential energy property. (a) In general.—Section 25D(h) is amended by striking “December 31, 2016” and all that follows and inserting “December 31, 2021.”. (b) Phaseout.— (1) IN GENERAL.—Section 25D(a) is amended by striking “the sum of—” and all that follows and inserting “the sum of the applicable percentages of— “(1) the qualified solar electric property expenditures, “(2) the qualified solar water heating property expenditures, “(3) the qualified fuel cell property expenditures, “(4) the qualified small wind energy property expenditures, and “(5) the qualified geothermal heat pump property expenditures, made by the taxpayer during such year.”. (2) CONFORMING AMENDMENT.—Section 25D(g) is amended by striking “paragraphs (1) and (2) of”. (c) Effective date.—The amendment made by this section shall apply to property placed in service after December 31, 2016.

[Gail in Virginia]

That ought to cover it!! 

[jklcpa]

This part of the extenders was also passed that retroactively allows the windows, among the other residential energy credits.

 

Quote

SEC. 40401. Extension of credit for nonbusiness energy property.

(a) In general.—Section 25C(g)(2) is amended by striking “December 31, 2016” and inserting “December 31, 2017”.

(b) Effective date.—The amendment made by this section shall apply to property placed in service after December 31, 2016.

Here's a link to that code sec 25C where you'll find that it covers these items:

• Biomass Stoves: $300 credit for stoves with an efficiency of 75%+.
• HVAC Air Circulating Fan: $50 for fans that use less than 2% of a furnaces energy.
• Central Air Conditioning: $300 for Split Systems: with SEER ≥ 16 and EER ≥ 13, or package systems with SEER ≥ 14 and EER ≥ 12.
• Gas, propane, or oil hot water boiler: $150 with AFUE ≥ 95.
• Natural gas, propane, or oil furnace: $150 with AFUE ≥ 95.
• Insulation: 10% of the cost, up to $500 (not including installation costs). Includes air sealing caulk, spray foam, house wrap, and weather stripping.
• Roofs: 10% of the cost, up to $500 (not including installation costs) on metal roofs with appropriate pigmented coatings and asphalt roofs with appropriate cooling granules that also meet ENERGY STAR requirements.
• Gas, Oil, or Propane Hot Water Heater: $300, in the case of a storage water heater (20-55 gallons), an energy factor of at least 0.82 or a thermal efficiency of at least 90%. In the case of any other water heater, an energy factor of at least 0.90 or a thermal efficiency of at least 90%.
• Electric Heat Pump Water Heater: $300 with Energy Factor ≥ 2.0.
• Windows, Doors & Skylights: 10% of the cost, up to $500, but windows are capped at $200 (not including installation costs). Must be version 6.0 ENERGY STAR qualified.

[Lynn EA USTCP in Louisiana]

Oh - thank you.  I missed that part.  "now with egg on her face" !!!

 

[jklcpa]

Happens to me frequently.

Of course that section I quoted probably won't be extended for 2018 because I just spent $$$ on a new gas furnace last month! 

[Abby Normal]

There are two credits involved here, the nonbusiness energy property credit and the residential energy efficient property credit.

[Cathy]

Form 5695 has been modified and appears to be ready for the Windows credit that I've been waiting on.  Sch A has been modified to accept the PMI payments.

 

[ETax847]

I checked today and my form 5695 still has not had any modifications yet.  I have checked for updates but there is not one.  Can someone please confirm?

[SaraEA]

IRS has only released updated software to handle mortgage insurance, tuition and fees adjustment, and cancellation of debt on primary home.  The other extenders have not been updated yet.  Keep that return in the "waiting" pile.