efficient new one. Is this deductible? If so where to do i put numbers in turbo tax? It is spread out over five years $2700, 2700, 1000, 1000, 1000.
It is not deductible, but if your furnace is operated by natural gas, propane or oil, you can claim it as an energy credit. You are allowed for the credit based on the only amount you paid in 2016. ( i.e. 2700)
To enter furnace expenses in TurboTax online
program to claim a energy credit, here are the steps:
1. Open (continue) your return in TurboTax.
2. In the search box, search for energy improvements. (Don't search for "energy credit," as this will take you to the wrong place in the program.)
3. Click the "Jump to" link in the search results.
4. On screen, Energy-Saving Home Improvements, answer Yes to the question and select Continue.
5. Follow the on-screen instructions.
6. On screen, Energy-Saving Improvements for Your Home, answer No to question, Were any of these improvements related to the construction of your main home?
7. On screen, Tell Us How Much You Paid for Energy-Saving Improvements, enter expenses under Furnaces and hot water boilers powered by natural gas, propane or oil