The 2011 Form 5695 has some lines to account for prior credits. Say you did extensive energy credit improvements in past years on House A (maxed out) which you sold in early 2011. Then bought House B in 2011 and paid for more energy type improvements, I believe you list the prior year's credits on the old house. That is to say the limitation is per taxpayer not per house, agreed?
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IRC ยง25C
b) Limitations.
(1) Lifetime limitation.
The credit allowed under this section with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of $500 over the aggregate credits allowed under this section with respect to such taxpayer for all prior taxable years ending after December 31, 2005. -
to simplify the prior answer....the credit to the taxpayer carries over until exhausted. You are correctBelieve nothing you have not personally researched and verified.Comment
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