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Question about tax credit 2015 HVAC Trane Air

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Question about tax credit 2015...
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
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4/16/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,236
Experience: IRS licensed Enrolled Agent and tax instructor
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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
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Customer reply 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.
Tax Professional: emc011075, Tax adviser replied 1 year ago
You skip the page one, go to page 2, Part II.
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Tax Professional: emc011075, Tax adviser replied 1 year ago
Yes on line 17, inter your address and enter 300 on line 22a.
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Tax Professional: emc011075, Tax adviser replied 1 year ago
Carry it over to the end of the page and than to 1040.
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Customer reply 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'?
Tax Professional: emc011075, Tax adviser 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.
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Customer reply 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?
Tax Professional: emc011075, Tax adviser 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.
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Customer reply replied 1 year ago
So it's not $300 + $300? I get only $300 for both?
Tax Professional: emc011075, Tax adviser replied 1 year ago
That's correct. The maximum credit is $300.
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Tax Professional: emc011075, Tax adviser replied 1 year ago
IRS is not very generous when it comes to improvements of personal property.
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Customer reply 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 reply replied 1 year ago
Is there any other information I need to fill out or worry about for this tax credit?
Tax Professional: emc011075, Tax adviser replied 1 year ago
Not really. Just make sure you keep the documentation of at least 3 years.
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Customer reply replied 1 year ago
Also in 2014 I had someone installed solar fan on my roof. Can I claim for tax credit on this?
Tax Professional: emc011075, Tax adviser 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.
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Tax Professional: emc011075, Tax adviser 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.
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Customer reply 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.
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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,236
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Experience: IRS licensed Enrolled Agent and tax instructor

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