Residential Energy Credits (IRS Form 5695)

Lukas9
Lukas9 Member Posts: 1 Newcomer
in Credits/Deductions

I am attempting to file my taxes and I had a mini split system installed in my home as I wanted to be more energy efficient. However the company I went with sells them as a "package" and does not have an itemized break down of what each parts costs... So how do I determine the most expensive part if the company doesn't have or won't find the answer? The form says it wants the cost of the most expensive part. The person I spoke with said this is the "first time" someone has called and asked for a itemized breakdown of the cost. They said that all customers need is the invoice (which I have) as well as the QMID (which I have).

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  • JohnV
    JohnV FreeTaxUSA Agent Posts: 30 image
    Hello Lukas9 - If your mini split system is a heat pump system, you can get a credit on 30% of the cost, up to $2000. It will come under Line 29 on Form 5695.

    Reading the instruction for that line and that form, it does not ask for a breakdown of the costs. Instead it just ask "Enter the Qualified Manufacturer Identification Number and cost of the most
    expensive electric or natural gas heat pump."

    You already have the QMID, and since the mini split system is sold in one package, then you can enter the entire cost as the most expensive heat pump. No further breakdown than that is needed. You can review the Form 5695, Line 29 instruction here: https://www.irs.gov/pub/irs-pdf/i5695.pdf

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