With only a few weeks to spare, Congress has finally made up their mind about the federal tax credits for this year for homeowners that installed new high efficiency equipment. The tax extenders bill will only be around for a short time and will expire on December 31, 2014; with no confirmation as to if they will renew for 2015.
Here are the various energy-efficient products which qualify for the credit, and the maximum amount that can be claimed for each:
- $300 for biomass stoves
- $50 for advanced main air circulating fans
- $300 for air source heat pumps
- $300 for central air conditioning
- $150 for gas, propane, or oil hot-water boilers
- $150 for gas, propane, or oil furnaces
- $300 for gas, propane, oil, or electric heat pump water-heaters
- $500 for energy-efficient doors (installation costs do not count)
- $500 for energy-efficient skylights (installation costs do not count)
- $200 for energy-efficient windows (installation costs do not count)
- $500 for insulation (installation costs do not count)
- $500 for metal or asphalt roofing (installation costs do not count)
Remember that only $500 of all combined qualified costs may be credited.
Currently, the IRS has not updated their website with 2014 documents however; here is the link to the DRAFT, do not use it to file; the IRS will release the official form when it is ready.
See what other tax deductions you may be eligible for.
