My daughter bought a new gas water heater for her house in 2011. She wanted to know if she could get a credit on her taxes. It looks from my research that she can get up 30% up to $500 as she hasn't had any other claims "during the lifetime of the credit". She would need to file form 5695, is there anything else she needs to know, look up about the heater? Any guidance on where I might look to find Indiana's credit if similar? Thanks.
Tax credits for gas water heaters
Feb 04, 2012
2 Replies
You are looking at old information.
"The credit is no longer 30% of qualified residential energy property costs (including labor), but is now equal to an amount not to exceed $300."
Requires Energy Factor >= 0.82 or a thermal efficiency of at least 90%. This more or less means a tankless gas water heater.
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Off the top of my head, I think the 30% expired 12/31/11 and the amount of credit is more like $150.
Can't help with Indiana.
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