Tax Guy: Even billionaires would qualify for these energy-saving tax credits

The government offers two different tax credits for energy-efficient home improvements.

The more-generous credit covers expensive and somewhat exotic equipment and has no dollar limit. So it can be a major tax-saver.

The smaller credit cannot exceed $500, and it expired at the end of 2013. But it will probably be resurrected for 2014 right after the election.

However, you cant claim either credit on this years return unless the improvements are up and running by year-end. Heres what you need to know to cash in.

It's a conundrum even in 2014: Who pays the dinner check on dates?

The bigger credit equals 30% of expenditures to buy and install qualifying energy-saving equipment for your home. As mentioned earlier, there is no dollar limit on this credit. So big qualifying expenditures can generate big credits. Unlike many tax breaks, there are no income limits on this one, so even billionaires are eligible. If your 2014 credit is so large that you cannot use it all up on this years return, you can carry the excess credit forward to 2015 and beyond.

Qualifying expenditures

The credit equals 30% of qualified expenditures (including costs for site preparation, assembly, installation, piping, and wiring) for the following gear.

You cannot claim the credit for equipment used to heat a swimming pool or hot tub (that would be too good to be true). Special rules apply to expenditures for residential co-ops and condominium buildings.

Make sure to buy certified gear

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Tax Guy: Even billionaires would qualify for these energy-saving tax credits