Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
laruef
New Member

If we purchased a new furnace and air conditioner under the HERO plan in 2016, first payment due in 11/2017, how can I use it for 2017 taxes

Is there anything I need to note on my taxes this year to be able to use the 2016 installation for my 2017 taxes?
1 Best answer

Accepted Solutions
MinhT
Expert Alumni

If we purchased a new furnace and air conditioner under the HERO plan in 2016, first payment due in 11/2017, how can I use it for 2017 taxes

You can claim the energy tax credit on your furnace and air conditioner on your 2016 tax return if you purchased them in 2016. The HERO plan is a financing plan only. You have installed the equipment in 2016 and should the credit in 2016.

In TurboTax, to claim the credit, please follow these steps:

  • Click on Federal Taxes
  • Click on Deductions & Credits
  • Under All Tax breaks, locate the section Your Home and click on Show more
  • Click Start next to Home Energy Credits (see attached screenshot).
  • TurboTax will take through an interview and you can enter the details of your eqipment..

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT
Expert Alumni

If we purchased a new furnace and air conditioner under the HERO plan in 2016, first payment due in 11/2017, how can I use it for 2017 taxes

You can claim the energy tax credit on your furnace and air conditioner on your 2016 tax return if you purchased them in 2016. The HERO plan is a financing plan only. You have installed the equipment in 2016 and should the credit in 2016.

In TurboTax, to claim the credit, please follow these steps:

  • Click on Federal Taxes
  • Click on Deductions & Credits
  • Under All Tax breaks, locate the section Your Home and click on Show more
  • Click Start next to Home Energy Credits (see attached screenshot).
  • TurboTax will take through an interview and you can enter the details of your eqipment..

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v