Federal Tax Credits Homeowners May Have Missed.

By
Real Estate Agent with Smart Green Realty

  

    *Did you install any of the following energy saving products at your principal residence before Dec. 31st 2013:

High-efficiency water heaters, furnaces, boilers, heat pumps, central air conditioners, building insulation, windows, roofs, biomass stoves, and circulating fans used in qualifying gas furnaces.

  **If you did, you can file IRS form 5695 with your 2013 return to get up to $500 in tax credits.

   Even if the label says “Energy Star,” not all energy saving products are eligible for the tax credit.

  For example, a less expensive, gas furnace is only 78 percent efficient. For $1000 more, you can buy a higher-priced furnace that is 90 to 97 percent efficient. The point of the tax credit is to help offset the higher up-front costs for the higher efficiency products.

**Even without the tax credit, buying the higher efficiency models makes more sense. They are cheaper to run over the long term than their less expensive counterparts.

**To check which products qualify for the tax credit, go to the Energy Star website.   

https://www.energystar.gov/?c=tax_credits.tx_index

See link below for the IRS form.

 

http://www.irs.gov/pub/irs-pdf/f5695.pdf  

 

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