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THE EVERETT ADVOCATE
- Friday, March 17, 2017
Proceeds benefit the Aleppo Shriners Auditorium. Payments not deductible as charitable contributions.
RESIDENTIAL ENERGY TAX CREDITS
T
here are two energy tax
credits available for calen-
dar year 2016. One is the Res-
idential Energy Efficient Prop-
erty Credit and the other is the
Nonbusiness Energy Proper-
ty Credit.
If you made energy saving
improvements to your home
during 2016 by installing an
earth-friendly energy source,
you may be able to take ad-
vantage of the Residential En-
ergy Efficient Property Credit.
This credit might be worth up
to 30% of the total cost of in-
stalling certain renewable en-
ergy sources in your home.
The credit is not restricted to
your primary residence (except
for fuel cells), and it may be
claimed for newly construct-
ed homes as well. You must
own the home. All installation
costs may be included in the
calculation.
You can also carry any un-
used tax credit to future tax
years if the tax credit ends up
being greater than your actu-
al federal tax for the year. This
tax credit, unless extended, ex-
pired as of December 31, 2016.
The installation does not actu-
ally have to be for your princi-
pal residence, with the excep-
tion of fuel cell property. This
means that a vacation home
would qualify for the tax cred-
it. So what types of improve-
ments qualify?
• Geothermal heat pumps
• Solar water heaters
• Solar panels
• Small wind turbines (up to
$4,000)
• Fuel cells (up to $500 for
each .5 kilowatt power capaci-
ty, and primary home only)
You have to complete Form
5695, Residential Energy Cred-
its, in order to claim the tax
credit.
If you made certain ener-
gy-saving or energy-efficient
home improvements in 2016
or earlier, you may be able to
claim a tax credit for up to 10%
of the purchase price of qual-
ified products, up to a maxi-
mumof $500 for all your home
improvements (a maximum of
$200 for windows) made dur-
ing 2016. This tax credit is only
available for 2016 if you did not
already max out on the $500
tax credit in any prior years
(2005-2015). The $500 is a life-
time tax credit.
The credit is not available
for new construction. The im-
provements must have been
made to an existing home. Fur-
thermore, the structure must
be your primary residence.
Here is a list of some of the
items that qualify:
• $300 for biomass stoves
• $300 for advanced main air
circulating fans
• $300 for air source heat
pumps
• $150 for gas, propane, or oil
hot water heaters
• $150 for gas, propane or oil
furnaces
• $200 for energy efficient
windows
• $500 for insulation
• $500 for energy efficient
doors
• $500 for energy efficient
skylights
JOSEPH D. CATALDO