Vanessa A
Employee Tax Expert

Deductions & credits

Your options are hold off filing until closer to April 18th, to see if you actually get the rebate, then you would be able to accurately report your cost knowing what the rebate amount will be.

 

However, depending on the cost of your heat pump and the amount of your rebate, deducting the rebate may not affect the amount of your energy credit. The rebate is maxed out for 2022 at $500.  It is 30% of your costs.  This means, if you spent $5,000 on the heat pump and the rebate you are waiting for is $1,000, you would enter $4,000 as your cost.  Thirty percent of $4,000 is $1,200 which is more than the maximum rebate of $500.  So, it is very possible that reducing your cost by the rebate amount will not have any affect on your credit amount so filing with the assumption you are getting the rebate may be the easiest way to go. 

 

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