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Submitted By: someone
Answered: February 5, 2023 8:32 pm
Answered: February 5, 2023 8:32 pm
Does installing ceiling fans in my home qualify for the energy efficient home improvement credit?
No. Only an advanced main air circulating fan can qualify. This is an efficient fan, or blower motor which blows the air that your furnace heats up through the duct system. The fan must use no more than 2% of your furnace’s total energy and the credit is limited to $50. The U.S. Department of Energy has a list of items eligible for the credit. Be sure to note that there are different rules for 2022 versus 2023 and beyond.
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Tax Glossary
Capital expenses
Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.
