Tax Credit Information

The “fiscal cliff” legislation Congress recently passed reinstates the energy efficient remodeling tax credits that expired in 2011.  The new credits allow homeowners to claim a credit of 10% of the cost of materials – up to a max of $500 for doors and insulation and up to a max of $200 for windows.  This credit is retroactive for 2012; meaning all suitable products that were installed in 2012 will also be eligible for the tax credit.  If you have received a tax credit in the past of $500 or more specifically for doors, windows, or insulation, you are ineligible for this tax credit.  If you have received a tax credit for less than $500, you are still eligible for a partial credit.  View the manufacturer’s certificate below to determine the eligibility of your products.
Please consult your tax advisor to determine the extent of your tax credit.
Here’s how to claim your 2012 /2013 Energy Tax Credit:
1:  Save your Custom Remodeling and Improvement Agreement and Specification Sheets.  Use these as your receipts – do not throw them away.
2:  Calculate the material cost of your project using the price listed on your Customer Remodeling and Improvement Agreement.

Windows and / or Doors :

$ ____________________ x 83% (.83) = $ __________________________ ( line 21 a, b or d on the form below)

Siding Insulation:

$ ____________________ x 19% (.19) = $ __________________________ ( line 21 a on the form below)

3:  Apply the numbers calculated above to IRS Tax Form 5695 to calculate and claim your 2012 / 2013 Energy Tax Credit.

 

Please consult your tax advisor to determine the extent of your tax credit.

 

 

IRS-FORM-5695-2009-DRAFT