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Answers to other tax incentive questions below.Can the energy efficiency tax credit be carried over to future years?
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Answers to other tax incentive questions below.Read more about tax carry overs...
The tax credit for products at 30% up to $1,500 CAN NOT be carried over to future years . You can't carry forward tax credit dollars from 2009 to 2010. But you can take part of the $1,500 in 2009, and and the rest in 2010 - if they are for seperate purchases (ex: you spend $3,000 on windows in 2009 and get a $900 tax credit on your 2009 taxes, then spend $2000 on an air conditioner in 2010 and get a $600 tax credit in your 2010 taxes).
The tax credit for the following products at 30% with no upper limit CAN be carried forward to future years:
You can carry forward the credit as long as the credit is still in effect. In this case, the credit is in effect through 2016. The energy efficiency tax credit is technically "non-refundable" which means at the end of the year, you can't get back more in credits than you paid to the government in taxes throughout the year. If you are unable to claim the entire 30% of your purchase for the above products, you can carry forward the unclaimed portion to future years through 2016.
The tax credit for insulation, windows, doors, roofs, HVAC, biomass stoves, and non-solar water heaters CAN NOT be carried over. These credits are for 30% of the cost, up to $1,500 in 2009 and 2010.
Over all, these tax incentives and rebates are a great reason to spend money to replace inefficient appliances as well as installing a renewable energy system. You can reduce your carbon foot print and gain energy independence when you take advantage of the reduced cost with these incentives and rebates.
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Get more answers by clicking on these other great tax incentive articles.
What tax incentives are available? Can the energy efficiency tax credit be carried over to future years?
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