(262) 782-0500 16601 W Cleveland Ave | New Berlin, WI 53151
Garage Doors & So Much More
On January 1, 2013, the U.S. Congress passed H.R. 8, the American Taxpayer Relief Act of 2012, which revived the energy tax credits and extended these credits through the end of 2013.
The original tax credit expired at the end of 2011. The American Taxpayer Relief Act of 2012 retroactively renewed this tax credit effective January 1, 2012, expiring again on December 31, 2013. Any qualified equipment installed in 2012 or 2013 is eligible for this credit. As in previous years, the cumulative maximum amount of tax credit that can be claimed by a taxpayer in all years combined is $500. If a taxpayer has already claimed a tax credit of $500 for purchases made in any previous year, they are ineligible for additional tax credits for any new equipment purchases.
Owners of existing homes may receive a tax credit worth 10% of the cost of upgrading the efficiency of the building's envelope including exterior doors. Installation (labor) costs are not included and the credit is capped at $500 for all improvements. To be eligible for the credit, the exterior door must meet or exceed Energy Star program requirements.
10% of cost up to $500 (not including installation costs)
December 31, 2013
Must be installed on an existing home & be your principal residence. New construction and rentals do not qualify.
$500 - If you received over $500 in energy tax credits from 2006-2011, you are not eligible for any additional credit.
For products placed in service (installed) in 2012 or 2013, you need to file IRS Form 5695 and submit it with your 2012 or 2013 taxes. On the 1040 form, the residential energy tax credit (from Form 5695) is claimed on line 52.
Save your product receipts and the Manufacturer’s Certification Statement for your records. You do not need to submit these with IRS Form 5695.