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Level 1

5695 - - should I fill out in case?

Hi, I am a homeowner who got a new metal roof in 2019. TT states the form will not be available until 1-29-19.

 

If the credit has expired, should I still wait till form is available to fill out and file my taxes after that time on the chance that something might change with Congress, or is a moot point?

 

I'm trying to decide if waiting till after the 29th is beneficial or if the fact that the credit expired in 2017 means I should go ahead and file now. 

3 Replies
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Level 15

5695 - - should I fill out in case?

The Nonbusiness Energy Property Credit which expired at the end of 2017 has been extended through the end of 2019 along with other tax extenders passed by Congress and signed by the President in December 2019.

The IRS will be updating Form 5695 and the 5695 instructions for 2019 for the Nonbusiness Energy Property Credit.

You should wait for the form to be updated and finalized so that you can get the credit for the roof on your 2019 tax return.

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Level 1

5695 - - should I fill out in case?

Thank you so much. I keep hearing different things. I'll be curious to see what type of documentation will be needed.

 

I usually don't have anything specific to include on my taxes, so  I'm new to this. Is there a link the IRS has that might give me idea for what has been required in the past? 

Level 15

5695 - - should I fill out in case?


@Missclawdy02 wrote:

Thank you so much. I keep hearing different things. I'll be curious to see what type of documentation will be needed.

 

I usually don't have anything specific TO include on my taxes, so  I'm new to this. Is there a link the IRS has that might give me idea for what has been required in the past? 


Yes.  Read the Form 5695 instructions for the Nonbusiness Energy Property Credit for tax year 2017, starting on page 2 - https://www.irs.gov/pub/irs-prior/i5695--2017.pdf