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The solar attic fan does qualify for the credit called Residential Energy Efficient Property and it equals to 30 percent of what a homeowner spends on qualifying property, including cost for assembly, preparation and installation, as well as piping and wiring. Because it is a credit and not a deduction, it may increase taxpayer's refund or reduce the tax he or she owes.
The data entry for the credit in Turbo Tax:
1. Federal Taxes
2. Deductions & Credits, Jump To Full List
3. Home Energy Credits
Please read the details from the IRS: "Only the component part of a property that actually generates electricity for the dwelling unit is eligible for the § 25D credit. If a solar panel on a fan generates electricity to power the fan for use in the dwelling unit, the cost of the panel component may be eligible for the § 25D credit if all the requirements of § 25D are met; however, the entire cost of the fan is not eligible. Additionally, § 25D(e)(1) specifically allows certain labor costs to be taken into account when calculating the credit. Under this provision, a taxpayer may take into account only the labor costs allocable to the qualifying component when calculating the credit."
The solar attic fan does qualify for the credit called Residential Energy Efficient Property and it equals to 30 percent of what a homeowner spends on qualifying property, including cost for assembly, preparation and installation, as well as piping and wiring. Because it is a credit and not a deduction, it may increase taxpayer's refund or reduce the tax he or she owes.
The data entry for the credit in Turbo Tax:
1. Federal Taxes
2. Deductions & Credits, Jump To Full List
3. Home Energy Credits
Please read the details from the IRS: "Only the component part of a property that actually generates electricity for the dwelling unit is eligible for the § 25D credit. If a solar panel on a fan generates electricity to power the fan for use in the dwelling unit, the cost of the panel component may be eligible for the § 25D credit if all the requirements of § 25D are met; however, the entire cost of the fan is not eligible. Additionally, § 25D(e)(1) specifically allows certain labor costs to be taken into account when calculating the credit. Under this provision, a taxpayer may take into account only the labor costs allocable to the qualifying component when calculating the credit."
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