You can still claim the tax credit for a battery storage system installed in 2023 by filing for it in 2024. The Residential Clean Energy Credit allows homeowners to claim a 30% tax credit for qualified clean energy property, including battery storage systems, installed from 2022 through 2032. The system must be installed in connection with a dwelling unit used as a residence in the United States. You would report the expense on IRS Form 5695 when filing your 2023 tax return in 2024.
Additionally, if you are claiming a state-level credit, such as in Colorado, you would need to file Form DR 1307 for the Colorado Residential Energy Storage Credit, also in 2024, since it must be taken in the same year the system is purchased. However, state and federal credits have different requirements, so ensure compliance with both sets of regulations.
Federal Credit Details:
- Eligibility: Principal and secondary residences qualify.
- Installation Period: 2023 is covered under the current 30% credit period.
- Filing: Claim on IRS Form 5695 when filing your 2023 taxes in 2024.
Colorado Credit Details (if applicable):
- Form: Use Form DR 1307.
- Filing Year: Must claim in the same year as purchase, filing in 2024 for a 2023 installation.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-i-still-claim-the-tax-credit-if-i-install-the-battery-storage-system-in-2023-but-file-for-it-in-2024/
