Possibly. As with everything with IRS offers, there are restrictions.
There are 2
different credits available:
- Nonbusiness
energy property credit is for installing energy efficient improvements (insulation,
windows, doors, etc.) on your main residential dwelling located in the
U.S.
- Residential
energy efficient property credit is for installing alternative energy equipment
(solar- or wind-powered, etc.) on your main dwelling or a second home
located in the U.S.
All improvements to
an existing home qualify. Notice that most of the items you can get the Nonbusiness energy property credit for are a
normal part of building a new house and therefore don't qualify. The intention
of the law was to "retrofit" an existing house that wasn't built to
be as energy-efficient.
·
Any insulation material or system that is specifically and primarily designed
to reduce heat loss or gain of a home when installed in or on such a home.
·
Exterior windows and skylights.
·
Exterior doors.
·
Any metal roof with appropriate pigmented coatings or asphalt roof with
appropriate cooling granules that are specifically and primarily designed to
reduce the heat gain of your home.
The non-business
energy property credit can reduce your tax bill for some of the costs you incur
to make energy-efficient improvements to your home. Your tax credit equals 10
percent of those costs, with a maximum total lifetime credit of $500 and a lifetime
limit of $200 for windows portion.
Items that qualify
for the Residential energy efficient property
credit can be installed and qualify in both old and newly constructed homes.
These include the purchase and installation of solar electric systems,
geothermal heat pumps, solar hot water heaters, wind turbines and fuel cell
property. The allowable credit is equal to 30 percent of an unlimited amount of
costs on those items.
To enter information
on Form 5695 in TurboTax follow the below steps.
1.
Sign into TurboTax Online
2.
Continue your return by click Taxes > Tax Timeline > Continue your return.
3.
Go to the Federal Taxes tab (Personal tab
in TurboTax Home and Business)
4.
Click on Deductions and Credits > Jump
to full list
5.
Scroll down to Your Home section
and click Show More
6.
Find Home Energy Credits >
click Start/Revisit
7.
This will bring you to the Home-Savings
Home Improvements page. Here you will see a list of improvements
you may claim.
8.
Proceed through the interview to add your home improvements.
Click the link for
IRS information on what can be claimed on Form 5695 Residential Energy
Credits.
