Tax credits for energy efficient home improvements?

[kellia]

A couple of months ago we bought insulation, an exterior door and a storm door that all were marked as being energy efficient and qualifying for the tax credits. We are finally getting around to installing them. Does anyone know what we need to keep for our taxes? Will just the receipts from Home Depot be okay or do I need some kind of packaging? The doors really didn't come with any labels to keep.

 

[Sadie22]

A couple of months ago we bought insulation, an exterior door and a storm door that all were marked as being energy efficient and qualifying for the tax credits. We are finally getting around to installing them. Does anyone know what we need to keep for our taxes? Will just the receipts from Home Depot be okay or do I need some kind of packaging? The doors really didn't come with any labels to keep.

Definitely keep the purchase receipts. There should be some stickers on the door showing they meet the requirements for the tax credits. You should keep those as well. Not all doors qualify.

 

[dmpteacher]

Definitely keep the purchase receipts. There should be some stickers on the door showing they meet the requirements for the tax credits. You should keep those as well. Not all doors qualify.

I was told that you also had to make sure everything was installed by December 31st, not just bought. I bought some energy efficient window treatments and 2 storm doors and had to fight it out with Home Depot to have them installed on New Year's Eve.

 

[msmayor]

A couple of months ago we bought insulation, an exterior door and a storm door that all were marked as being energy efficient and qualifying for the tax credits. We are finally getting around to installing them. Does anyone know what we need to keep for our taxes? Will just the receipts from Home Depot be okay or do I need some kind of packaging? The doors really didn't come with any labels to keep.

You need to save more than just receipts. You also need to retain the Manufacturer's Certification Statement that certifies the product meets the qualifications for the credit.

Contact the manufacturer or check their website for the information.

In addition, the product must have actually been installed and in use by December 31, 2010, not just purchased...from the Energy Star website:

To qualify for the tax credit, does the product need to be installed or just purchased by December 31, 2010?

To qualify for the tax credit, the product needs to be "placed in service" by December 31, 2010. The IRS defines "placed in service" as when the property is ready and available for use. It's not when you purchase product, but the day installation is complete, and you are able to use your new product.

These tax credits will be claimed on your 2010 taxes (which you must file by April 15, 2011).

 

[Cheshire Figment]

Here is a link to the 2009 IRS Form 5695 and instructions http://www.irs.gov/pub/irs-pdf/f5695.pdf which is the form you fill in for the Non-Business Energy Credit. The 2010 Form has not yet become available, but there should be no significant changes. This should give you a good idea of the rules.