IRS Releases Draft Instructions for Residential Energy Credits

The IRS released a draft form with instructions for taxpayers considering seeking residential energy credits.

The draft lays out details of the credits, how to qualify, and what information taxpayers will have to provide to be eligible.

The energy-efficient home improvement credit offers qualified taxpayers credit equal to 30% of the total amount paid for certain qualified expenditures—up to a total $1,200—including qualified energy-efficiency improvements, residential energy property expenditures, and home energy audits.

The residential clean energy credit offers a credit of 30% of the costs of certain “solar electric property, solar water heating property, small wind energy property, ...