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iOne
Level 4

Finding form 5695 in TurboTax BUSINESS (not personal) (residential energy credit)

Does TurboTax Business support form 5695 the residential energy credit?

If not how can I claim this amount?

 

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Finding form 5695 in TurboTax BUSINESS (not personal) (residential energy credit)

Form 5695 is specifically for two different "Non-business" energy efficiency tax credits.  They are for improvements made to your main home only, and the form is only available in the personal version of Turbotax. If you have a business that requires TT Business version (S-corp, C-corp, multi-member LLC) you would prepare the business return separately, which generates a K-1 statement or other documents that you use to file your personal tax return -- where you also list personal deductions and credits, like dependents, gifts to charity and the non-business energy tax credit.

 

If you installed energy efficient improvements on your business property, there may be different credits available, but I don't know what they are.  You could try a search in the business program or go over the interview steps carefully. 

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3 Replies

Finding form 5695 in TurboTax BUSINESS (not personal) (residential energy credit)

Form 5695 is specifically for two different "Non-business" energy efficiency tax credits.  They are for improvements made to your main home only, and the form is only available in the personal version of Turbotax. If you have a business that requires TT Business version (S-corp, C-corp, multi-member LLC) you would prepare the business return separately, which generates a K-1 statement or other documents that you use to file your personal tax return -- where you also list personal deductions and credits, like dependents, gifts to charity and the non-business energy tax credit.

 

If you installed energy efficient improvements on your business property, there may be different credits available, but I don't know what they are.  You could try a search in the business program or go over the interview steps carefully. 

iOne
Level 4

Finding form 5695 in TurboTax BUSINESS (not personal) (residential energy credit)

That makes a lot of sense.   I'll assume for part rental part personal property, that the energy credit gets apportioned as would repair expenses, etc.

Finding form 5695 in TurboTax BUSINESS (not personal) (residential energy credit)

I can’t answer that.  @Hal_Al   @SteamTrain   ??

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