Air Conditioner Tax Credits
In the Federal Energy Tax Credit guide we started last week, we focused most of our attention on the overall tax credit program as a whole. In this article, we wanted to look very specifically at the Air Conditioner Tax Credits for consumers in 2010.
Tax Credit for New Air Conditioners
Amount: Up to $1,500
Summary: Buyers of high efficiency air conditioners can take energy tax credits of up to 30% of the installed cost on qualifying equipment. The air conditioner tax credits are available for systems that are installed between Jan 1, 2009, through Dec 31, 2010. There is a $1,500 cap on the total tax credit, including air conditioning, per home.
Qualify for Air Conditioner Tax Credits
One of the first things you need to know about the air conditioner tax credits, is that your new system must have a minimum high efficiency in order to qualify. For Central Air Conditioners:
- Must be Installed between 01/01/2009 to 12/31/2010
- Must be installed in your Primary (Principal) Residence
- Central Air Conditioning must have a minimum of 16 SEER, 13 EER
- Package Unit Air Conditioners must be 1`4 SEER, 12 EER
- Manufacturer or Installing Contractor MUST provide a Certification Statement for tax records.
This guide is provided to help you get the most from your energy star related home improvements in 2010
To Claim the Air Conditioner Tax Credit
After you have researched and decided to install a new central ac system that qualifies for the central air conditioner tax credit, the next step is going to be applying for the tax credit on your annual income taxes. You need:
- Receipt of your air conditioner installation (Save for records)
- Manufacturer Certification Statement (Save for records)
- IRS Form 5695
- On line 52 of your 1040 form, check the Federal Energy Tax Credit box.
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