To claim the battery storage tax credit, you will need the following documents:
- Receipts and Invoices: Document all expenses associated with the purchase, preparation, assembly, and installation of your home battery storage system. Save receipts and invoices for these expenses.
- Proof of Installation: Ensure that the installation date is documented, as you can only claim the credit for the year the system is installed. For example, if the equipment is purchased in 2023 but installed in 2024, you must file the tax credit with your 2024 tax return.
- IRS Form 5695: This is the Residential Energy Credits form, which you will use to claim the tax credit. The form should be submitted with your federal tax return.
- Proof of Residency: The battery storage system must be installed in a dwelling unit located in the United States and used as a residence by the taxpayer. This includes principal residences and second homes, but excludes rentals.
- Proof of Capacity: Ensure your battery storage system has a minimum capacity of 3 kilowatt-hours to qualify for the tax credit.
For detailed instructions on filling out IRS Form 5695, you can refer to the IRS’s Instructions for Form 5695.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-documents-do-i-need-to-claim-the-battery-storage-tax-credit/
