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KimKimR88
New Member

Energy Saving Improvements

We transferred the whole house heat pump and hot water heat pump from oil to electric in 2022.

This item (Certain electric heat pump water heaters, electric heat pumps) is listed on the claim list at Turbotax. By going through the items, I do not see the item that I can put the cost I paid. 
Would you please let me know which item/category it belongs to?    

 
 

 

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3 Replies
KrisD15
Expert Alumni

Energy Saving Improvements

Federal 

Deductions & Credits 

Home Energy Credits

Energy-Efficient Building Property 

 

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KimKimR88
New Member

Energy Saving Improvements

One more question. 

We installed a set of solar panels in 2022. 

The qualified solar electric property costs are about $100,000 (including $35K interest), and this will be paid off over 20 years.

Some of the articles mentioned that I can input the whole cost of $100 K for the tax credit in the first year. But I see the statement on TurboTax is "Tell us how much you PAID for these energy-efficient improvements to your home in 2022". So I am not sure if I can put the whole amount of the actual cost ($100k) or just can put the actual amounts that I paid in 2022 on this system. 

Truly appreciate your help.

KrisD15
Expert Alumni

Energy Saving Improvements

100,000

 

It does not matter if the expense is financed, you can claim the entire cost. 

 

The only time you can't claim the entire amount is if you get or will get a rebate or government subsidies, such as a state or Utility payment. 

(A State payment is NOT the same as a State Credit) 

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