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IRS Offers Tips on the Nonbusiness Energy Property Credit

Categories Tax Tips (Fed)

The nonbusiness energy property credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. The cost of certain high-efficiency heating and air conditioning systems, water heaters, and stoves that burn biomass all qualify for the credit, along with labor costs for installing these items.

In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation, and certain roofs also qualify for the credit, though the cost of installing these items does not qualify.

The IRS is offering additional information on this credit as well as other energy credits on their website.

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