What ENERGY TAX CREDIT--RESIDENTIAL PROPERTY means: Taxpayers may be able to take a credit equal to the sum of: (1) 10% of the amount paid in 2006 for qualified energy efficiency improvements (for example, insulation, exterior windows, and exterior doors) installed during 2006, and (2) Any residential energy property costs (for example, qualified furnaces, water heaters, and heat pumps) paid in 2006. Several dollar limits apply to the credit. A credit also may be claimed for 30% of the cost of qualified photovoltaic property, solar water heating property, and fuel cell property. Dollar limits also apply to this credit. See Form 5695 for more information.
- Definition Exchange:
- Dictionary A transfer of property for other property or services. Some exchanges produce currently taxable income while others can be structured so as to defer any tax liability energy tax credit--residential property definition.
- Definition Entertainment Expenses:
- Dictionary deductible by employees and self-employed taxpayers only if the expenses are directly related to or associated with a trade, business, or profession. To prevent abuses, strict substantiation energy tax credit--residential property explain.
- Definition Education Expense:
- Dictionary an education expense is an expense that is eligible for a tax deduction or credit. Education benefits include the Hope and lifetime learning credits and the deduction for business-related education energy tax credit--residential property what is.
- Definition Excess Social Security Tax Withheld:
- Dictionary worked for more than one employer during the calendar year and more than a specified amount of social security tax is withheld, the excess of the amount withheld over that amount is treated as a tax energy tax credit--residential property meaning.
How works Energy Tax Credit meaning in Tax definitions E .
