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Monday, February 6, 2012

Energy Tax Credit's

Energy efficient windows, doors and skylights can reduce energy bills

*   Tax Credit Amount: 10% of the cost, up to $500, but windows are capped at $200.

Requirements
Must be ENERGY STAR qualified.
You do not have to replace all the windows/doors/skylights in your home to qualify. And it doesn't need to be a replacement either - installing a new window where there wasn't one previously (like in an addition) qualifies.
Tax Credit does NOT include installation costs.

For products "placed in service" in 2011, you need to file the 2011 version of IRS Form 5695 and submit it with your 2011 taxes (by April 15, 2012).

On the 1040 form you enter this tax credit from Form 5695 (the residential energy tax credit) on line 52.

Save your receipts and the Manufacturer's Certification Statement for your records.

Submit Form 5695 with your 2011 taxes.




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