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Video instructions and help with filling out and completing How Form 5495 Payments

Instructions and Help about How Form 5495 Payments

Hey there youtube so today i wanted to go over the residential energy credit available for u.s taxpayers so this credit is available to u.s persons that own a home during the tax year and they spend money refurbishing or rehabbing their home to make it more energy efficient so if you're uh renovating your property or you're adding on to something and you are implementing these so-called green initiatives right so if they're qualified projects you might be able to get a tax credit for um the amounts that you paid to the contractor um to develop the energy efficient improvement right so um so the most common example i see on a regular basis every year is putting in solar panels right so if you decide to add solar panels to your roof um to kind of supplement the cost of the energy in your property right you're not totally off the grid yet but you bought solar panels to charge batteries and run a part of your home you can actually take a credit for those improvements right so in this example we have john smith here john is a taxpayer in the u.s that has a job and he just decided to rehab his property and he uh installed solar panels on the roof the total cost of the solar panels was the 14 500 there so let's see how this uh results in a tax credit for john right so the form that you need to violate with your tax return every year um that you incur these costs is the 5695 and they break that into a couple of categories here right they have solar electric property costs uh water heating energy or sorry wind energy in this case john did solar electric right...

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