Energy Efficient tax credit

Forum|Forum|2 years ago
April 30, 2024
2 replies
19 views

Client purchased a SPLIT HMH7 Gas system 17.0 SEER with a variable capacity inverter heat pump AND single stage multi speed ECM 80% gas furnace. I completed form for $600 tax credit but they are wondering why they don't get a credit for the furnace too. It was one invoice, one bill, one system. Thoughts?

ProSeries Professional

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Best answer by Jim-from-Ohio

has to be split on the 5695.. you can amend the return.. i have seen almost exact same thing.. client brings in receipt.. covers AC unit AND furnance.. just get the allocation of purchase price and amend.

Jim-from-Ohio

Intuit Community Champion

did you split the total among the two categories on the 5695

E

EDESPAuthor

Level 2

Jim, thank you for your prompt reply. NO I did not because the installer provided one invoice for the one system with one total. It was one system (just called a split system). Thoughts? I've never had this question before!!

Jim-from-Ohio

Answer

Intuit Community Champion

has to be split on the 5695.. you can amend the return.. i have seen almost exact same thing.. client brings in receipt.. covers AC unit AND furnance.. just get the allocation of purchase price and amend.

T

TaxGuyBill

Level 15

@EDESP wrote:

Client purchased ... heat pump

AND single stage multi speed ECM 80% gas furnace.

I completed form for $600 tax credit

Have you verified the Heat Pump qualifies for the credit?

An 80% gas furnace does NOT qualify for the credit. For 2023, gas furnaces need to be at least 97% efficient to qualify for the credit.

$600? Is this a 2023 tax return? You may be entering the Heat Pump in the wrong spot. The credit for an electric heat pump is 30%, up to $2000 (not $600).

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