You'll need to sign in or create an account to connect with an expert.
There are popular loan programs that finance energy saving improvements through government-approved programs. You sign up for a home energy system loan and use the proceeds to make energy improvements to your home. In some programs, the loan is secured by a lien on your home and appears as a special assessment or special tax on your real estate property tax bill over the period of the loan. The payments on these loans may appear to be deductible real estate taxes; however, they're not deductible real estate taxes. Assessments or taxes associated with a specific improvement benefitting one home aren't deductible. However, the interest portion of your payment may be deductible as home mortgage interest. Refer to Publication 936, Home Mortgage Interest Deduction, to see whether you might qualify for a home mortgage interest expense deduction.
https://www.irs.gov/taxtopics/tc503.html
Residential energy tax credits equal 10% of the cost up to $500,
Central Air Conditioning: $300 for Split Systems: with SEER ? 16 and EER ? 13, or package systems with SEER ? 14 and EER ? 12.\
Windows, Doors & Skylights: 10% of the cost, up to $500, but windows are capped at $200 (not including installation costs). Must be version 6.0 ENERGY STAR qualified
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
sandesh09dec
New Member
snqbozik
New Member
Jeffrey_O_Anderson
New Member
tjdoerr39
New Member
hurtadovega
New Member