Don't Forget TAX Credits!

You may be able to take the credits if you made energy saving improvements to your home located in the United States in 2020.

Home. A home is where you lived in 2020 and can include a house, houseboat, mobile home, cooperative apartment, condominium, and a manufactured home that conforms to Federal Manufactured Home Construction and Safety Standards. You must reduce the basis of your home by the amount of any credit allowed. Main home. Your main home is generally the home where you live most of the time. A temporary absence due to special circumstances, such as illness, education, business, military service, or vacation, won't change your main home.

Costs. For purposes of both credits, costs are treated as being paid when the original installation of the item is completed, or, in the case of costs connected with the reconstruction of your home, when your original use of the reconstructed home begins. For purposes of the residential energy efficient property credit only, costs connected with the construction of a home are treated as being paid when your original use of the constructed home begins. If less than 80% of the use of an item is for nonbusiness purposes, only that portion of the costs that is allocable to the nonbusiness use can be used to determine either credit. .Only the residential energy efficient property credit (Part I) is available for both existing homes and homes being constructed. The nonbusiness energy property credit (Part II) is only available for existing homes.. .IRS guidance issued with respect to the energy credit under section 48, such as Notice 2018-59, does not apply to the residential energy credits.. For full guidelines on Residential Energy Efficient Property Credit: https://www.irs.gov/instructions/i5695#:~:text=The%20Taxpayer%20Certainty%20and%20Disaster%20Tax%20Relief%20Act%20of%202019%3A,-Extends%20the%20nonbusiness&text=Provides%20that%20a%20natural%20gas,considered%20energy%2Defficient%20building%20property.