Very thorough request of several hypothetical situations @anontmous17,
1. If you buy a home, live in it and own it for 2 of 5 years, you get a $250,000 credit on the gain from the sale. $500,000 if you file married filing jointly. This is the biggest credit available and you can claim it every 2 years.
Energy Credits available for your home
Before the Inflation Reduction Act, people were allowed a credit up to 10% of the amount paid for nonbusiness energy property, such as windows, doors, and skylights, and the amount of residential energy property placed in service before Jan. 1, 2022. Now, taxpayers may take the credit at an increased amount up to 30% if they placed the property in service before January 1, 2033.
The provision also eliminates the lifetime credit limit that was previously in place and limits the credit per taxpayer per year.
2. The credit is for expenses paid during that tax year on your primary home. That isn't definite but has been used on all other residential energy credits, so a fairly safe bet.
https://www.irs.gov/newsroom/energy-incentives-for-individuals-residential-property-updated-question...
3. Now, taxpayers may take the credit at an increased amount up to 30% if they placed the property in service before January 1, 2033.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/energy-tax-credits-deductions/inflation-...
https://proconnect.intuit.com/taxprocenter/tax-law-and-news/what-you-need-to-know-about-the-inflatio...
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
