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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2844
Experience:  IRS licensed Enrolled Agent and tax instructor
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Question about tax credit 2015 HVAC Trane Air

Customer Question

Question about tax credit 2015 for Residential HVAC Trane Air conditioning system 16 seers or more? Can I apply for any such tax credit on new AC install in 2015?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. Yes, there's a nonbusiness energy property credit available, that include heating and airconditioning units. The credit is 10% of the cost. https://www.irs.gov/Credits-&-Deductions/Individuals/Nonbusiness-Energy-Property-Credit
Customer: replied 1 year ago.
I already have form 5695 in front of me. It's only that I don't know what to put in there. Can you help me apply for this tax credit? I have everything you need like AHRI certificate. Both systems are 16+ seers - Trane.
Expert:  emc011075 replied 1 year ago.
You skip the page one, go to page 2, Part II.
Expert:  emc011075 replied 1 year ago.
Yes on line 17, inter your address and enter 300 on line 22a.
Expert:  emc011075 replied 1 year ago.
Carry it over to the end of the page and than to 1040.
Customer: replied 1 year ago.
Where do I download Form 1040? Do I enter anything on line 30? I did not get 'carry it over to the end of the page'?
Expert:  emc011075 replied 1 year ago.
You carry it to the end of the page to complete the form and line 30 is telling you to claim it on line 53 on your 1040. Fillable 1040 is right here: https://www.irs.gov/pub/irs-pdf/f1040.pdfb 1040 is your tax return.
Customer: replied 1 year ago.
I am using Turbo Tax. I hope I will be able to do all this in turbo tax. Right now I'm filling out these forms so I have everything I need.Also I had two high efficient ACs installed. Does this mean I need to fill out two 5695 forms and then add total to 1040 line 53?
Expert:  emc011075 replied 1 year ago.
Yes, that's correct. 1040 is your main tax form. All other schedules and forms are extensions of 1040. Turbo tax should be able to handle it. The credit is limited to $300. You will include the entire const on one 5695, you do not use another form.
Customer: replied 1 year ago.
So it's not $300 + $300? I get only $300 for both?
Expert:  emc011075 replied 1 year ago.
That's correct. The maximum credit is $300.
Expert:  emc011075 replied 1 year ago.
IRS is not very generous when it comes to improvements of personal property.
Customer: replied 1 year ago.
Ok I will leave this post open for now just in case if new questions pop up while I enter this information in Turbo Tax.
Customer: replied 1 year ago.
Is there any other information I need to fill out or worry about for this tax credit?
Expert:  emc011075 replied 1 year ago.
Not really. Just make sure you keep the documentation of at least 3 years.
Customer: replied 1 year ago.
Also in 2014 I had someone installed solar fan on my roof. Can I claim for tax credit on this?
Expert:  emc011075 replied 1 year ago.
No, you would have to amend your 2014 return to claim the credit. You can only deduct what you actually paid for during the year.
Expert:  emc011075 replied 1 year ago.
Do you have any questions? Is there anything else I can help you with today?And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.
Customer: replied 1 year ago.
Thanks for your help. Energy Credit did get applied. Lets see what IRS has to say. I will take care of rating as soon as I hear back from IRS.