Tuesday, February 11th, 2020 by Erin Dougherty
Insulation Tax Credits Through 2020
The federal government has reinstated a 10% tax credit, The Residential Energy Efficient Property Credit. This credit allows our customers to claim a credit when installing energy-efficient improvements such as insulation materials that are designed to reduce the heat loss or gain of the home. It is only applied to materials used to make energy-efficient improvements inside the building envelope of existing homes and must be the taxpayer’s primary residence.
The credit is limited to an overall lifetime credit of $500 (the lifetime limit for windows is $200). If you have claimed this credit in the past, you cannot do it again. Taxpayers who qualify will need to fill out IRS Form 5695: Residential Energy Credits instructions for the form can be found here.
The Drying Co. will be happy to provide our customers with an additional copy of their invoice for their records. Call our office at 1-757-566-8622 to request a copy to be sent to you.
This tax credit information is for information purposes only and is not a substitute for expert advice from a professional tax or financial planner or the IRS.
Visit the IRS website for more information about this program. https://www.irs.gov/newsroom/energy-incentives-for-individuals-residential-property-updated-questions-and-answers
You can also find more information at: https://www.energystar.gov/about/federal_tax_credits