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Author Topic: Energy Tax Credits Extended through 2026  (Read 361 times)

Dreamsend

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Energy Tax Credits Extended through 2026
« on: December 28, 2016, 05:14:46 AM »
Hi All

Just wanted to update folks that the federal Investment Tax Credit for alternative energy systems set to expire in 2016 was extended by Congress last week.  The 30% max credit will apply through 2019, then decrease annually through 2026.  So if you're fence-sitting about jumping into a solar investment, you might want to consider the tax angle.

Although termed a residential tax credit, IRS states that a home is "where you lived . . And can include a house, houseboat, mobile home, cooperative apartment, condominium, and manufactured home. . " according to the Form 5695 instructions which can be found here (2016).

https://www.irs.gov/uac/form-5695-residential-energy-credits

Apparently all costs associated with the energy system including labor, site prep, necessary structural upgrades and such can be included.  As a tax credit, it can only be used to off-set taxes owed, but any excess credit can be carried over for one year.

I'm not a tax accountant, preparer, attorney etc. so no specific advice is being given.  Each will have to determine the credit's applicability based on their personal circumstances.  Linda


Linda with kitties Sarah & Samson
2017 Ford F250 Lariat aka La Belle Beast;
(6.2L V-8, crew cab, 4x4, off-road, 4.3 axle)

 

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