Last year (2009) I purchased two new furnaces that qualified for the energy tax credit. I am considering buying some new windows and need to know if I purchase the kind that qualify for the tax credit, if I can receive the tax credit this year. I suspect that because I claimed a tax credit last year, I am not eligible for another (or more) this year?

ANSWER

Expert Thomas Graham iii's Answer:

Great question, it is going to depend on how much of the $1,500 allowable tax credit you received in 2009. You would be eligible to receive the difference in 2010. Example, say you accepted a tax credit of $1,000 in 2009. You would then be eligible to accept a tax credit of $500 in 2010 assuming qualifying purchases. Information pertaining to this can be found in the IRS instruction publication related to form 5695.

Thomas Graham iii, CPA, CFE

Oklahoma

7 yrs experience

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