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Tax Credit Information

Details on the 2016 Home Improvement Tax Credit:

  • Tax credit: 10% of cost of the home improvement, up to a maximum of $500. Windows are capped at $200.
  • Expiration: December 31, 2016
  • Eligibility: Must be on an existing home & your principal residence. New construction and rentals don’t qualify. Must be placed in service in 2016.
  • Limitations: Tax Credit does NOT include installation costs.
  • Tax Form: You need to file the 2016 IRS 5695 form and submit it with your 2016 taxes (by April 17, 2017). On the 1040 form, the residential energy tax credit (from Form 5695) is claimed on line 52.
  • Receipt: Save your receipts and the Manufacturer's Certification Statement for your records. 

Information Sources:

Energy Star:
http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

IRS Instructions for Form 5695
https://www.irs.gov/pub/irs-pdf/i5695.pdf

 


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