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Don132
Returning Member

energy credit

I'm getting a new heat pump installed in a non-newly constructed house we purchased in august 2022.  In our former house, I took an energy credit of $450 in 2021 for the installation of a gas furnace and air conditioner.  I'm reading that when filling out form 5695 for energy credits that there is a $500 max on allowable credits going back to 2005.  Is this still the case or have  the tax laws been updated?  Does the credit tie to a particular house that the tax payer lives in or is it irregardless of the home he is in and is related to the tax payers energy credit history from 2005.  thanks 

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5 Replies

energy credit

The credit is maxed on your SS#  not the house the item is put on .... read the rules here... part 2 :

 

https://www.irs.gov/instructions/i5695

energy credit

The law changed for equipment installed after 12/31/22. The credit is now increased to 30% of the installed property cost, with a $1200 annual cap and a $600 sub-cap for efficient property such as a heat pump.  The lifetime cap has been removed.  See here for more.

https://ttlc.intuit.com/community/tax-law-changes/discussion/faq-revisions-to-section-25c-energy-eff...

energy credit


@Critter-3 wrote:

The credit is maxed on your SS#  not the house the item is put on .... read the rules here... part 2 :

 

https://www.irs.gov/instructions/i5695


Those instructions are for property installed in 2022 and have not been updated for the changes enacted beginning 1/1/23.

energy credit

@Opus 17 

 

Thanks for the update on the rules ... I usually don't read up on those until later when they come into play.

Don132
Returning Member

energy credit

thank you for the reply and info as it was helpful and I was able to go to the IRS website and also find which heat pump equipment qualified for the 30% of heat pump installation cost not to exceed a $2000 credit.

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