There are no specific income restrictions mentioned for claiming energy storage incentives, such as the Residential Clean Energy Credit, for second homes in the U.S. However, several conditions apply:
- Qualification: The credit can be claimed for second homes used as residences, but the home must be located in the United States and not rented to others. Fuel cell property credits are not eligible for second homes.
- Credit Limits: There are no annual or lifetime dollar limits for the Residential Clean Energy Credit, except for fuel cell property, which has specific limits.
- Nonrefundable: The credit is nonrefundable, meaning it cannot exceed the tax owed in a year, but excess credits can be carried forward to future years.
- Eligible Expenses: Eligible expenses include solar, wind, geothermal, fuel cells, and battery storage, along with associated labor costs.
- Business Use: If the home is used partly for business, the credit is based on the portion used for nonbusiness purposes.
For detailed eligibility and application processes, consulting IRS resources or a tax professional is advised.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-income-restrictions-for-claiming-energy-storage-incentives-for-second-homes/
