"Steve Pope" <spope33[at]speedymail.org> wrote
- quote -





Nope. It has to be "placed in service", which means "in use".





As the end of 2008 neared, and it appeared Congress would not renew/extend
some of the energy tax breaks for 2008, a client told the builder of her
house to "slow down" so she has to take possession (get the CO) in 2009 and
"place in service" the energy saving devices she had installed in the house.

People just don't run out and spend $10K on new windows for a $300 tax
credit. So you're left with folks who are building, which takes time in
some cases to come out of the ground and get completed.






--
Paul Thomas, CPA
Watkinsville, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Paul Thomas, CPA <paulthomascpapc[at]bellsouth.net> wrote:

- quote -

If you buy the materials and stick them in storage rather
than installing them, does that qualify for the credit?

Steve

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Gil Faver wrote:
- quote -

http://tax.cchgroup.com/Legislation/...y-Act-2009.pdf

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Gil Faver" <rowdy'sboss[at]xxyz.com> wrote
- quote -




Yes, yes and yes. The consumer/homeowner can take advantage of certain
energy efficient purchases (windows, doors, roofs, water heaters, furnaces,
etc) for 2009. These are not unsimilar to energy provisions that were part
of prior years laws (07 & 08), some of which expired for 2008, some of which
continue on today despite the "new" law. The numbers may have been tweaked.
It's generally a tax credit (reduces tax directly) that is based on a
percentage (ie: 20%) of your qualified expenditures. All of the credits
have a life-time cap, so once per taxpayer.

Don't expect a great deal here. Some of the credits are just a couple of
hundred dollars for purchases that cost thousands. If you are going to be
spending money to upgrade or replace, this is the right time. Your building
supply store salesdude knows what products qualify.

Each piece of material or equipment should carry a label certifying that it
meets the standards and is qualified for the tax credit.





--
Paul Thomas, CPA
Watkinsville, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I heard some talk (there was a lot of talk) about the "stimulus" plan that
would include tax credits for home repair and/or energy improvements.

Did any of this pass? Is there anything out there already?

For use in 2009 tax year.

thanks.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >