Solved: What if I have second home
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

What if I have second home

Had insulation,siding,windows installed
1 Best answer

Accepted Solutions
New Member

What if I have second home

Qualified energy efficiency improvements such as insulation and exterior windows & skylights must be installed on your main home in order to qualify for the Non-business Energy Property Credit.  So you don't qualify for the credit by putting them on a second home.

However, these (and other) improvements can be added to your basis in the property, which will reduce any gain you have when you eventually sell it.

Here's a link to the instructions for IRS Form 5695, which covers the residential energy credits (note page 2): https://www.irs.gov/pub/irs-pdf/i5695.pdf 

View solution in original post

1 Reply
New Member

What if I have second home

Qualified energy efficiency improvements such as insulation and exterior windows & skylights must be installed on your main home in order to qualify for the Non-business Energy Property Credit.  So you don't qualify for the credit by putting them on a second home.

However, these (and other) improvements can be added to your basis in the property, which will reduce any gain you have when you eventually sell it.

Here's a link to the instructions for IRS Form 5695, which covers the residential energy credits (note page 2): https://www.irs.gov/pub/irs-pdf/i5695.pdf 

View solution in original post

Dynamic Ads
v
Privacy Settings