Discussion Archives:Energy credit for energy star items

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Discussion Forum Index --> Tax Tips --> Energy credit for energy star items


Wwtaxes (talk|edits) said:

29 February 2008
It seems that every home improvement store in town is telling consumers they can get a tax credit for purchasing energy star appliances. Since most clients don't like to read IRC, here is a site they will likely be able to understand and believe that lays it all out very nicely:

http://www.energystar.gov/index.cfm?c=products.pr_tax_credits#s2

Kevinh5 (talk|edits) said:

29 February 2008
Thanks, WW. I had saved this to my Favorites when someone posted it last year too. I recommend everyone else save it to your favorites.

WPCPA (talk|edits) said:

31 March 2008
Add to this List - Internal Revenue Code Section 179D - "Energy Efficient Property" Lighting/HVAC & Insulation. These improvements for Commercial Real Estate can gain your Client a deduction of up to $1.80 SF - I have an Excel program for a calculation email me ...RGCPA@EngineeredTaxServices.Com

Wkstaxprep (talk|edits) said:

31 January 2009
I checked out the link, i know i should know this, but im understanding that there are no home energy credits for items such as windows, heat reduction installation, etc. in 2008 like they had in 2006 and 2007 but it will be reinstated in 2009?

jeez, we need to keep a score sheet just for the energy credits :)

Will

Taxestaxes (talk|edits) said:

31 January 2009
I agree about not credts for windows, doors, etc. but there are still energy credits, for geo thermal, solar enery etc. same form as last year, just different qualifications; I am not for sure about the reinstated part - hadnt heard or read that?

TLF (talk|edits) said:

1 February 2009
New client had house built in 2006. Contractor supposedly had the efficient insullation installed during the process. Preparer did not take an energy credit. Should client have recieved an energy credit or is she disqualified because the house was actually being built and not just an improvement?

TLF (talk|edits) said:

2 February 2009
Read Wwtaxes link above, at least the parts in English. Says insullation credit only on existing homes, so I guess my client is outa luck!

Taxea (talk|edits) said:

1 April 2010
from NATP newsletter I received today:

Energy Star Rebates Excluded From Income The IRS has stated in an internal advice memo that Energy Star appliance rebates are reductions in the purchase price of the energy-saving products and are not to be included in taxable income. Thus, consumers must reduce the adjusted basis of property by the rebate amount and can't treat the rebate as an expenditure when determining any tax deductions or credits.

AvaTaxGirl (talk|edits) said:

6 December 2011
The law provides a 10 percent credit for buying qualified energy efficiency improvements. To qualify, a component must meet or exceed the criteria established by the 2000 International Energy Conservation Code (including supplements) and must be installed in the taxpayer's main home in the United States.
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