The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>United States Taxes

Energy Tax Credit?


If I took a $1000 tax credit in 2006 towards making my home more energy efficient, can I still take an $800 tax credit for 2007 for additional energy efficient windows and doors that were installed?

Ooops! The tax credit was actually 10% of $1000, which was the cost of the added insulation. The $800 was the total cost of the windows and door.

No, based on how your question reads you've already exceeded what was allowed, but thats without knowing what improvements you were actuallyclaiming:

The maximum amount of homeowner credit for all improvements combined is $500 during the two year period of the tax credit.
Note: with the exceptions of Efficient Cars, Solar Energy Systems, and Fuel Cells.

see the source below and the associated links in the text for the chart that lists the limits for specific items.

The $2000 limit applies to Homebuilders not Homeowners

Look at the form.

I don't know what you added in 2006. Water Heater?

For things like windows, it was a maximum of $200 over the two years.

For insulation, it was a maximum of $500 (including the windows) over the two years.

the tax credit was limited to $2000 for all items, but it's based on maybe 10-20% of specific items with a limit on each one - I put in $11K worth of triple pane windows in 2006 - I was only able to deduct around $200 tax credit - I hope you did your return right last year or you can expect an audit, with penalties and interest - the $1000 credit seems high unless you put in around 30,000 of lots of different kinds of energy saving items

If you actually managed to fudge your return to get a $1,000 credit, then it's only a matter of time that the IRS will catch up to you.

The maximum credit for all years is $500. Therefore, you cannot take another credit of $800, and you should probably amend your 2006 return. The link below explains that information.

Tags
  Austin   Atlanta   Other - Business & Finance   Other Taxes   United States Taxes   United Kingdom Taxes   Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes   India Taxes
Related information
  • Can anybody tell me if my daughter can claim exempt on her taxes since she is in college. We live in COlorad?

    It depends on how much she makes. If she didn't have a tax liability for the previous year and she does not anticipate have a liability for the current year, she can claim "Exempt"...

  • If you live in IL and work in MO who's income tax do I pay?

    It depends. To know the accurate answer, you must first consult the state instructions to find out if there is a reciprocity agreement between the state you live in and the state you work in. I...

  • What is the start date for filling your taxes for 2007?

    You can start now, but cannot file them until January, 2008. If you are employed or have investments, don't expect your w-2s or 1099's until late January. The recent changes in AMT laws...

  • How soon can you file, if you have everything in order, your taxes in January 2008 ?

    Alternative Minimum Tax (AMT) 鈥?How It Affects Filing Season 2008 Updated Dec. 28, 2007 The upcoming tax season is expected to start on time for everyone except for certain taxpayers poten...

  • I somehow forgot to file returns the last two years. Am I going to be able to file this year?

    File for 2007. Keep in mind the IRS may hold your refund until you file the missing tax returns. This especially true for married couples with kids that itemize or small business with a lot of ex...

  • I can't file my taxes until feb 11th!?

    If you want to give me your particulars I will figure out your tax numbers with and without the 2441 / child and dependent care expenses. Just you as head of household? how many children? under ...

  • How to file a claim agianst an appriaser in the state of Ohio?

    You failed to give a reason why they didnt finish! I assume it's a Real Estate appraiser? Unless you paid them they aren't obligated to finish anything. Check with your state as they get ...

  • Your beggining job?

    My first job? Ski lift attendant at about 8.00/hr. It wasn't the money I was after though. I just wanted to free season pass and a guarenteed 4 runs every day on the slopes when I was worki...

  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster