Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
kerriburnett65
New Member

I used the HERO program for energy efficiency on my home. It was done in Aug 2016, but won't be added to my property taxes until 2017. When can I start deducting it?

Can I deduct the cost of the windows, insulation, and central air for 2016 or next year in 2017?
1 Reply
view2
New Member

I used the HERO program for energy efficiency on my home. It was done in Aug 2016, but won't be added to my property taxes until 2017. When can I start deducting it?

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

https://www.energystar.gov/about/2016_federal_tax_credits

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v