When you are building a custom home yourself, be sure and find out the various materials that you can put in your home that is energy efficient because turbotax.com can help you with a tax credit created by the Federal government to put on your tax form. Whether it is windows and doors, or even a solar panel, you’ll be able to qualify for a tax credit by using these energy efficient products. Be sure and keep accurate records of all the energy efficient materials that you are putting in your home. That way you’ll be able to list them all on your tax form at the right time.
The Federal government created a tax credit for up to $1500, allowing individual home builders to claim the credit at tax time. This is an incentive for home builders to integrate materials into their home that will save energy. Looking for doors and windows that were designed for this purpose is one thing to look for when buying the various products for your home. Be sure and write down all the expenditures that you make when purchasing your energy efficient materials, and keep accurate records and receipts.
You may want to install a solar panel or use extra insulation or certain heating or cooling systems which qualify for the energy credits. So, when you are gathering your materials for your home be sure and keep this in mind to take advantage of the quality home you are building, and the tax credits you will receive. This incentive for home builders is unique since you will be able to use form 5695 on Turbo Tax to claim your credit. Having this tax credit available is a nice incentive that the government setup to encourage individual home builders to help them in future energy costs, and allows the tax credit once completed.