Tax Credit Available for Taxpayers Making Energy Efficient Updates to Their Homes: IRS

Published on May 10, 2024

The Internal Revenue Service (IRS) said on Thursday that taxpayers may qualify for home energy credits if they make certain energy-efficient improvements to their homes. The Inflation Reduction Act expanded the credit amounts and types of qualifying expenses introduced in 2022, the agency said in a statement on May 9. Taxpayers can claim two types of tax credits: the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit. These credits can be claimed for the year in which the qualifying changes were made. The IRS stated that homeowners who improve their primary residence will be eligible to claim a credit for qualifying expenses. Renters and owners of second homes used as residences may also be eligible for credits, but landlords cannot....

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