Get Your 2010 Energy Tax Credits: Filing Tips for Form 5695

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Published: January 27, 2011
By: Barbara Eisner Bayer
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Sidestep snares in the complex IRS Form 5695 to get all the 2010 energy tax credits you’ve got coming.

Effort: Med Filling out forms
Saves: High $1,500 or more tax credit

If you shelled out cash in 2010 to install qualified home improvements and become an energy-efficient consumer, it’s time for your payoff in energy tax credits. Just make sure to fill out Form 5695 properly.

Fill out the right part of Form 5695

What type of system did you install? If it’s one of the following, complete Part 1 for Nonbusiness Energy Tax Credits.

Biomass stoves

Insulation

HVAC systems

Roofs

Non-solar water heaters

Windows, doors, skylights

Storm windows and doors

Max credit: 30% of the cost of the improvement, up to $1,500.

If you installed one of these souped-up systems, complete Part 2 for Residential Energy Efficient Property Credit.

Geothermal heat pumps

Residential wind turbines

Solar energy systems

Fuel cells

Max credit: 30% of the cost, with no limit except for a kilowatt limit on fuel cells.

Next: What do I need on hand to fill out Form 5695?

Barbara Eisner Bayer

has written about finance for Motley Fool, Daily Plan-It, and Nurse Village, and is the former Managing Editor of Mortgageloan.com and Credit-land.com. She splits time between a beachfront condo and a mountain retreat.

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