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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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Dear Tax Talk,
I would like to take a tax credit for buying and installing Energy Star-rated roofing shingles. Is there a separate form I need to file with my tax return? How do I go about claiming an energy tax credit for a new roof? — Patty
Dear Patty,
Yes, you may qualify for the credit and you are going to need to look at Form 5695, residential energy credits. The type of credit you may qualify for is listed in Part II for nonbusiness energy property, which allows you to claim up to a 10 percent credit for certain energy-saving property that you added to your home, including qualified insulation, windows, doors and roof. There is a maximum lifetime limit of $500 for all the items listed except for windows, which is $200.
You must reasonably expect the shingles to last five years, and you are not allowed to include labor costs. Form 5695 specifically states that metal or asphalt roofs must meet or exceed the Energy Star program requirements and have appropriate pigmented coatings or cooling granules that are specifically and primarily designed to reduce the heat gain from your home.
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