Your insulated window coverings, such as blinds and drapes, may be eligible for a $500 tax credit, but take a deep breath before you go out and celebrate. Although the IRS has a pretty wide definition of “insulation,” it doesn’t specifically mention window coverings.But it doesn’t exclude them, either. Some companies, such as Hunter Douglas, say certain coverings they make are eligible and back up their claims by issuing a manufacturer’s certification statement saying so. Some tax experts believe that because these coverings don’t provide insulation as their main purpose, the IRS will eventually strike down these certifications.Do Your Energy-Efficient Window Coverings Qualify?If a company provides a certification statement, you’re almost certainly OK — for now. Even if the IRS later denies the company’s claim, it’s unlikely you’ll lose your credit retroactively.Window coverings that currently may qualify for the federal tax credit include:Honeycomb shadesPlantation shuttersDraperies, especially those identified as “insulated drapes”Window films with insulating propertiesAvoid Tax Hassles LaterAlways insist on a manufacturer’s certification for energy-efficient window coverings you purchase.

Ads and smiling handshakes just aren’t good enough.Don’t assume that if one company is giving a manufacturer’s certification, a similar product from another company is also covered.If the IRS forces a company to withdraw a product’s certification and you buy it after the cancellation, you can’t say, “You used to certify it, so I’m still covered.”What To Do With a Certification StatementYou won’t have to submit the certification statement with your tax return, but you’ll need it and a copy of the sales receipt for your records. Stash your statement with your important papers for the year, and file IRS Form 5695 with your tax return.Background Under these laws, VELUX Solar Powered Fresh Air Skylights as well as VELUX Solar Powered Blinds qualify under "Solar Electric Property" expenditures when purchased and installed from January 1, 2009, through December 31, 2021. This tax credit is a direct debit of the taxpayers total tax liability. 2009-2019 save 30% Federal tax credit2020 save 26% Federal tax credit2021 save 22% Federal tax credit

What do I need to do? When the product is installed: Keep your receipts for total price paid (product and installation) for one of the qualifying VELUX products and attach them to a completed 30% Federal Tax Credit - Manufacturers Certification Statement1 and keep for your records. When it is tax time: Fill out IRS Tax form 56952 and submit it with your taxes. Motorcycle Boots Augusta GaEnter this tax credit off of form 5695 on your 1040 form.1] IRS Notice 2009-41 suggests the taxpayer is not required to attach this certification statement to their tax return. House For Sale MezeHowever, the taxpayer should retain this certification as part of their tax records.  Hp Laptop Parts Edmonton2] As in all tax matters, the taxpayer is advised to consult their tax professional.

VELUX America, Inc. assumes no liability regarding the homeowner’s ability to obtain tax credits. Federal Tax Credit Estimator //Can run adjustHeight on load, on button click or any type of event //the target origin specified in the iframe (child) must match the recipient window (parent) origin var targetOrigin = 'http://marketing-uk'; Tax Calculators & Tips / Energy Tax Credit: Which Home Improvements Qualify? Taxpayers who upgrade their homes to improve energy efficiency or make use of renewable energy may be eligible for tax credits to offset some of the costs. As of the 2015 tax year, the federal government offers two such credits: the Residential Energy Efficiency Property Credit and the Nonbusiness Energy Property Credit. The credits are good through 2016, except for the solar credits which are good through 2019 and then are reduced each year through the end of 2021. Claim the credits by filing Form 5695 with your tax return. Residential Energy Efficiency Property Tax Credit

Equipment that qualifies for the Residential Renewable Energy Tax Credit includes solar, wind, geothermal and fuel-cell technology: Solar panels, or photovoltaics, for generating electricity. The electricity must be used in the home.The water heated by the system must be used inside the home, and at least half of the home's water-heating capacity must be solar. (Solar heaters for swimming pools and hot tubs do not qualify.) Wind turbines that generate up to 100 kilowatts of electricity for residential use. Geothermal heat pumps that meet federal Energy Star guidelines. Fuel cells that rely on a renewable resource (usually hydrogen) to generate power for a home. The equipment must generate at least 0.5 kilowatts of power. Renewable energy tax credit details According to the U.S. Department of Energy, you can claim the Residential Energy Efficiency Property Credit for solar, wind, and geothermal equipment in both your principal residence and a second home.

But fuel-cell equipment qualifies only if installed in your principal residence. Nonbusiness Energy Property Tax Credit Equipment and materials can qualify for the Nonbusiness Energy Property Credit only if they meet technical efficiency standards set by the Department of Energy. The manufacturer can tell you whether a particular item meets those standards. For this credit, the IRS distinguishes between two kinds of upgrades. Exterior windows and skylights Electric heat pump water heaters Central air conditioning systems Natural gas, propane or oil water heaters Stoves that use biomass fuel Natural gas, propane or oil furnaces Natural gas, propane or oil hot water boilers Advanced circulating fans for natural gas, propane or oil furnaces Details of Nonbusiness Tax Credit You can claim a tax credit for 10% of the cost of qualified energy efficiency improvements and 100% of residential energy property costs. However, significant limits apply: