Update for Form 5695 – Residential Energy Credits

The Bipartisan Budget Act of 2018 (BBA) reinstated the nonbusiness energy property credit for 2017, and it reinstated the residential energy efficient property credit for qualified small wind energy property costs, qualified geothermal heat pump property costs, and qualified fuel cell property costs to the end of 2021.

Taxpayers may now claim these credits on their 2017 tax returns if they otherwise meet the criteria. If you have already filed a tax return that qualifies to claim the credit, you will need to file an amended return (Form 1040X).