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On February 9, 2018, the Federal Government passed the Bipartisan Budget Act of 2018. This update may affect many taxpayers who purchased a high-efficiency furnace, air conditioner, boiler or water heater (tankless) installed in the calendar year 2017.
Here’s what we know
On March 17, 2018, we learned about this issue and immediately researched and found out that if a taxpayer had qualifying equipment installed into their principal residence between January 1, 2017 and December 31, 2017, they may qualify for a Federal Tax Credit on their personal federal income tax return.
The Non-Business Energy Property Tax Credit, which covers qualified heating and cooling equipment, high-efficiency water heaters (i.e. tankless), and other home improvements (see below, Qualifying Equipment.) The maximum amount of credit available for all qualifying items combined is $500. This credit was also offered during tax years 2006, 2007, and from 2009 through 2016. Any amount of this credit that was previously claimed during those tax years will no longer be available to taxpayers.
Here’s what you can do
Please talk to your tax preparer, as we are not tax professionals and/or go to the links below:
2. Journal of Accountancy: Explains what qualifies.
3. Form 5695 and the instructions: Referenced in the Journal of Accountancy.
Matt C. performed detailed service call on our A/C today. He was very thorough and helpful and understanding of our concerns. He represented All Comfort in a professional and polite way. We were left with a thorough understanding following the service call.