I'm using turbo tax deluxe for 2021 taxes and when I fill in the information for Home Energy Credit given I purchased a new A/C for $7,500 I would expect a $300 credit and it says I get zero credit. I filled in $7,500 and $7,500 for cost and total cost and it's not new home construction and I have no carry over from 2020 form 5695. Do you think in passed in years I have maybe used up all of my $500 credits and that's why I seeing zero credit or is the $500 credit good for each year? Thanks
The non-business energy property credit is capped at $500 and that is for all years, not just the current year. So, if you took a credit of $500 in previous years, you will get no additional credit in 2021.
Also, not all energy-efficient improvements qualify for the credit. You need to have been provided a manufacturer's tax credit certification statement for your cooling system to qualify for an energy credit.
The non-business energy property credit is capped at $500 and that is for all years, not just the current year. So, if you took a credit of $500 in previous years, you will get no additional credit in 2021.
Also, not all energy-efficient improvements qualify for the credit. You need to have been provided a manufacturer's tax credit certification statement for your cooling system to qualify for an energy credit.