One of the famous, or perhaps infamous, tax "exenders" that will expire on December 31, 2020 is the $500 lifetime credit for energy-efficient purchases for your primary home.
If you purchased any of the following items
in 2020 for your primary personal residence, you may be able to claim the
energy credit –
Be sure to save and give to your tax pro a copy of the invoice, any energy efficiency statements, and any Manufacturer’s Certification statement or other documentation that the purchase qualifies for the credit. It is your responsibility to determine if the purchase qualifies – and NOT your tax preparer’s – and your responsibility to maintain proof in case the credit is questioned by the IRS.
Remember the lifetime $500 maximum. If you claimed an energy credit for any of the above purchases in 2006, 2007, or 2009 through 2019 your 2020 credit will be reduced or eliminated.
You can find information on exactly what purchases will qualify for the credit here.
TTFN
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