Question

Form 5695 - Improvements over multiple years

Forum|Forum|5 years ago
February 26, 2021
1 reply
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Hi all,

I have a question re: Form 5695 - Residential Energy Credits. Our home has two separate HVAC systems - one for upstairs and one for downstairs. Last year in June, our upstairs unit finally died and replaced with a new one that met the requirements for an Residential Energy Credit of $300. I filed it in this year in my tax return, and all was well.

Fast forward to three days ago - my downstairs unit died and will be replaced again with one that qualifies for a $300 Residential Energy Credit.

I cannot find any where, or maybe, just don't understand, if I am eligible to take the credit again when I file my taxes for the 2021 year if I already claimed it. I do not know if there is a property / filer limit for this credit - at least that I can find and/or understand.

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A

AmeliesUncle

There is a lifetime maximum of $500 for those types of energy credits. The program should ask you about any credits you have taken in prior years.

If you have not maxed out the $500 already, yes, you can take a credit (in your case, it would be limited to $200 because you have already taken $300).