The Residential Clean Energy Credit

Рет қаралды 2,147

Күн бұрын

For several years now, the Federal Government has been offering a tax credit for installing solar panels or other forms of clean energy generation. The Inflation Reduction Act extended the Credit for 10 years, and made some other minor changes to it.
This video describes the credit, who can qualify for it, and how to claim it.
0:00 Introduction
0:30 What is the Credit, and who can claim it?
1:57 Claiming the Credit
4:03 Conclusion
To learn more about the Residential Energy Efficiency Home Improvement Credit, which offers credits for insulation, windows, doors, high-efficiency HVAC systems, and heat pumps, click here:
• The Energy Efficient H...
Additional Resources and Information:
IRS Form 5695: "Residential Energy Credits": www.irs.gov/pub/irs-pdf/f5695...
www.energy.gov is a great resource for those who are interested in reducing their energy consumption. Here, you'll also find additional state, local, and utility company incentives for installing clean energy generation.
Forbes.com: "Solar Tax Credit By State in 2023: The Ultimate Federal Solar Energy Tax Credit Guide": www.forbes.com/home-improveme...
The Tax Geek on the Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
Wikimedia Commons
Emma Ambrogi
The images of "Zack" and "Lydia" were generated by thispersondoesnotexist.com (stability.ai). Any resemblance between these images and any persons, living or dead, is incidental and not intended. No other artificial intelligence was used to research, write, animate, voice, or edit this video
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZfaq Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from KZfaq Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.

Пікірлер: 23

@carolinamartinez6204 Ай бұрын

I love your video; it has visual tools to better understand. THANK YOU VERY MUCH!!!

@TheTaxGeek Ай бұрын

You're very welcome!

@Mz.ButterCup5217 4 ай бұрын

Thank You - very simple & detailed... 😘

@danielclutter2890 4 ай бұрын

These videos are fantastic, thank you!

@TheTaxGeek 4 ай бұрын

You're very welcome!

@FamilyTax2024 5 ай бұрын

Hey thanks for the explanation. I'm a senior tax accountant and trying to upskill to manager as fast a possible. These brief explanations are super helpful for me! Thanks

@TheTaxGeek 5 ай бұрын

I'm glad you found them helpful!

@salpremiers 5 ай бұрын

Great video!!

@TheTaxGeek 5 ай бұрын

Thanks!

@ELconomics101 5 ай бұрын

What up Coach!! Happy holidays

@TheTaxGeek 5 ай бұрын

And the same to you!

@juanz7908 4 ай бұрын

I live in California and recently replaced my AC/heating unit in my townhome with an energy saving gas unit. Can I get a tax credit?

@TheTaxGeek 4 ай бұрын

Yes, but not through this program. The credit you may be eligible for is covered here: kzfaq.info/get/bejne/f76VZLmGt8CroJ8.html

@joanneqiu5498 2 ай бұрын

Can I claim my window tinting cost($1,100) on this form? I don't see anywhere says Window tinting or "Others". I use turbo tax by the way. Hope to see your answer before the deadline. Thank you.

@TheTaxGeek 2 ай бұрын

No. The windows have to be replaced with Energy Star rated units.

@joanneqiu5498 2 ай бұрын

Thanks for your response! I got confusing search results from Google. By the way, I've been watching many of your videos. Great work putting everything together. I am very impressed and recommend your channel to other friends. @@TheTaxGeek

@user-vf2ks1vw3b 5 ай бұрын

Can residential clean energy credit be claimed for qualifying items installed as part of a home’s original construction? We purchased a brand new home where builder installed solar panels during home construction.

@TheTaxGeek 5 ай бұрын

What would have to happen is that the cost of the solar panels would have to be separated from the price of the house by the builder, and that separate transaction reported by the builder (or the builder's subcontractor) to the IRS in your name. If you've already purchased the home, this is unlikely. If you were having a custom home constructed, and directly dealt with the contractor installing the panels, it wouldn't be a problem, as there is nothing saying you can't use this credit for panels installed as part of a home's construction.

@miguelcubero3440 5 ай бұрын

I hope you are still planning to throw a video out once a month during the tax season if you have the time.

@TheTaxGeek 5 ай бұрын

Oh yes, videos will be released throughout the tax season and beyond.

@Skyracer910 3 ай бұрын

So the salesperson lied to me I wouldn’t get 10000 back with my tax return

@TheTaxGeek 3 ай бұрын

Yes, unfortunately salespeople will tell people anything to make a sale. But salespeople aren't tax people and by the time you're doing your taxes they're long gone.

@Skyracer910 3 ай бұрын

@@TheTaxGeek truth! I’m discussing everything with his manager… apparently he’s no longer with the company as of November