The energy credit has been allowed for several years. You must amend your applicable tax returns based on when the money was paid and installation was completed for windows and doors for 2014 as example.
The following explanation may be helpful to explain the energy credit and limits based on the type of energy efficient property installed.
Nonbusiness Energy Property Credit
(Part II): You may be able to take a credit equal to the sum of:
1. 10% of the amount paid or incurred for qualified energy
efficiency improvements installed during 2014, and
2. Any residential energy property costs paid or incurred in
2014.
However, this credit is limited as follows.
- A total combined credit limit of $500 for all tax years after
2005.
- A combined credit limit of $200 for windows for all tax years
after 2005.
- A credit limit for residential energy property costs for 2014 of:
- $50 for any advanced main air circulating fan;
- $150 for any
qualified natural gas, propane, or oil furnace or hot water boiler;
and
- $300 for any item of energy efficient building property.
Note: If the total of any nonbusiness energy property credits
you have taken in previous years (after 2005) is more
than $500, you generally cannot take the credit in 2014.
You can use the instructions below to amend your tax return for an earlier year. Deadline for the 2014 tax return is April 15th, 2018.
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