3 years, 2 months ago
I installed an energy efficient heating and cooling system in my home. Is any of this expense deductible?
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M$1 Answer
Home improvements:
* Central air conditioner, heat pump, furnace or boiler
30% of cost up to $1,500
Only some Energy Star products (or levels of insulation) qualify.
Ground-source heat pump
30% of cost
Only Energy Star products qualify.
"You don’t receive an income tax credit when you buy the product, like an instant rebate. You claim the credit on your federal income tax form at the end of the year. The credit then increases the tax refund you receive or decreases the amount you have to pay."
* Central air conditioner, heat pump, furnace or boiler
30% of cost up to $1,500
Only some Energy Star products (or levels of insulation) qualify.
Ground-source heat pump
30% of cost
Only Energy Star products qualify.
"You don’t receive an income tax credit when you buy the product, like an instant rebate. You claim the credit on your federal income tax form at the end of the year. The credit then increases the tax refund you receive or decreases the amount you have to pay."
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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