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January 30, 2024
Question

Can I use my new hvac system as a tax deduction

  • January 30, 2024
  • 1 reply
  • 0 views
I had to replace it in 8/23 how do I deduct the cost on my return

1 reply

January 30, 2024

This wouldn't be eligible for a tax deduction, but the installation may meet the requirements for a tax credit, which can directly offset tax.

 

See the IRS' Energy Efficient Home Improvement Credit for qualifying information.

 

Form 5695, Residential Energy Credits, the form on which qualifying costs would be deducted for tax year 2023, hasn't yet been finalized in TurboTax.

 

The form is tentatively scheduled for use on February 7, 2024.  You can check for any updates in TurboTax's Tax form availability app.