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Fillable Online Understand the Geothermal Tax Credit Form

Fillable Online Understand the Geothermal Tax Credit Form

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we're here to talk about the geothermal tax credit this 30% federal tax credit that you might have heard of um first of all this is not professional accounting advice this is a simple example for understanding you should talk to a certified accountant before doing any of this however I'm going to give you a brief idea of of the ins and outs of this so the 30% tax credit um as explained uh everywhere draws a lot of questions from people so for an example here's uh here's an example someone wrote about their story they paid $14,000 for the heat pump installation another 12,000 for the loop field portion of it totaling $26,000 then they subtract here 30% of the 26,000 which is $7,800 so they're saying that the final cost of their system was $18,200 which is a great uh deal that 30% made a huge difference in the total price of this geothermal system uh but one thing to remember that this is a federal tax credit so they this family paid $26,000 out of

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