You can take a credit based on what you spend on various energy-saving improvements made to your main home. New energy-efficient improvements qualify, including insulation, exterior windows, exterior doors, water heaters, heat pumps, central air conditioners, furnaces and hot water boilers. The overall credit is limited to $500 and further dollar limits apply to specific components –– for example, $200 for windows. If you took the full $500 credit in 2006, you cannot claim the credit in 2007, even if you made qualifying energy-saving improvements. Separately, there is a 30 percent credit for the cost of photovoltaic property, solar water heating property and fuel cell property.
These credits are claimed on Form 5695. Check out http://www.irs.gov/pub/irs-pdf/f5695.pdf
No comments:
Post a Comment