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tax credits

I wanted not know if I should be keeping track of some events in my tax year for 2023

 

New electric stove.  $1020.00

 

New Pella energy efficient windows.  $ 22,000.00

 

Hail storm loss.  $3500.00

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1 Reply
ElizabethW2
Expert Alumni

tax credits

The new windows will qualify for the Energy Efficient Home Improvement Credit.  There is a limitation on the amount that can be claimed for windoes.  They must meet the Energy Star Certification and the credit is limited to $600.  Below is a link to IRS's website on the credit.  You will see the window information under "Building Envelope Components".

 

https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit

 

Unfortunately, your new range won't qualify for the credit.  Only heating/cooling appliances qualify.  Here is a link to our support site that will provide details on the appliances that qualify for the credit.

 

https://turbotax.intuit.com/tax-tips/going-green/are-energy-efficient-appliances-tax-deductible/L2e5...

 

Regarding your loss from a hail storm, unless you are located in a federally declared disaster area, there is no longer a deduction for casualty losses.  If you're unsure if you are in one of those areas, you can confirm by visiting FEMA's website.

 

If you find this information helpful, please indicate with the thumbs up button.

 

Elizabeth W, EA

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