Day 1 of my tax seminars today
One thing I will give free advice on is if you are needing to upgrade HVAC, water heater , replacement windows doors, etc I would wait until 2023 to do these
A farily decent energy credit is back for 2023 so if you needing new HVAC or anything that falls in this category I would put it off at least a month
Here is list of the broad strokes of the change
• The lifetime maximum of $500 is replaced with an annual limit of $1,200 with the
following limits:
◦ Energy property (insulation, water heaters, etc.) : $600 per unit
◦ Windows and skylights: $600 in aggregate
◦ Exterior Doors
▪ One door: $250
▪ All exterior doors combined: $500
• Heat pump and heat pump water heaters, biomass stoves and boilers
◦ $2,000 annual limit
▪ 75% efficiency required if placed into service after Dec. 31, 2022, and before
Jan. 1, 2027
▪ 90% efficiency if placed into service after Dec. 31, 2026
• Improving or replacing an electric panel
◦ Load capacity of at least 200 amps
◦ Installed in connection with other energy improvements
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