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Your heat pump may qualify for a federal tax credit if it meets certain energy-efficiency criteria. Click the Energy efficient heating, cooling, or ventilation systems link in the FAQ below for specifics. (Note: If this is a geothermal heat pump, click the Geothermal heat pumps link.)
To enter your energy-efficient heat pump in TurboTax:
Note: If using the TurboTax CD/Download software, you'll use the Find function (instead of "My Account") to search for the topic.
The Nonbusiness Energy Property Credit has a lifetime total combined limit of $500, so if you have claimed the credit in a prior year your current deduction may be reduced. See IRS Instructions for Form 5695, Residential Energy Credits for more information. (Note: The Residential Energy Efficient Property Credit that applies to a geothermal heat pump is a different credit, which is also discussed in the Instructions for Form 5695.)
Federal Tax Credits for Qualified Energy-Saving Home Improvements https://ttlc.intuit.com/replies/3300639
Edited 03.18.2018 I 01:24PM PST
Your heat pump may qualify for a federal tax credit if it meets certain energy-efficiency criteria. Click the Energy efficient heating, cooling, or ventilation systems link in the FAQ below for specifics. (Note: If this is a geothermal heat pump, click the Geothermal heat pumps link.)
To enter your energy-efficient heat pump in TurboTax:
Note: If using the TurboTax CD/Download software, you'll use the Find function (instead of "My Account") to search for the topic.
The Nonbusiness Energy Property Credit has a lifetime total combined limit of $500, so if you have claimed the credit in a prior year your current deduction may be reduced. See IRS Instructions for Form 5695, Residential Energy Credits for more information. (Note: The Residential Energy Efficient Property Credit that applies to a geothermal heat pump is a different credit, which is also discussed in the Instructions for Form 5695.)
Federal Tax Credits for Qualified Energy-Saving Home Improvements https://ttlc.intuit.com/replies/3300639
Edited 03.18.2018 I 01:24PM PST
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