Your air source heat pump (or electric heat pump water heater) may qualify for an energy credit if it meets the requirements. The credit for this type of Energy-Efficient Building Property has a dollar limit of $300.
To enter your energy-efficient heat pump in TurboTax:
- Continue your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
- Click Tax Tools (lower left side of your screen).
- Select Tools.
- In the pop-up window, select Topic Search.
- In the I'm looking for: box, type 5695.
- In the results box, highlight 5695, residential energy credit, then click GO.
- Follow the onscreen instructions to complete this section, entering the heat pump as an Energy-Efficient Building Property. Be sure to click the Learn more links if you have any questions.
- After you enter the cost of your heat pump and answer the corresponding questions, TurboTax will determine if you qualify for an energy credit.
Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.
The Nonbusiness Energy Property Credit has a lifetime total combined limit of $500, so if you have claimed the credit in a prior year your deduction may be reduced. See IRS Instructions for Form 5695, Residential Energy Credits for more information.
Can I claim energy-saving home improvements? https://ttlc.intuit.com/replies/3300639
[Edited 03.04.2018 I 01:21PM PST]
