Tax Payer installed insulation in 2013. In past he has taken an energy credit on a different home, but never taken a credit on the home he now owns and lives in. Can't find anything specific about if the lifetime limitation of 500 is per person or per home. I'm thinking per person but don't want to miss a credit if he is entitled to it??
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It's per taxpayer.
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.
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IRS is checking if the $500 has been exceeded. A new client of mine got a notice because she has exceeded the $500 and she did not tell me that she had already used up her limit in previous years, I think 2010.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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