Tax Window Credit
March 28th, 2009
Question: Residential Energy upgrade tax credits. Refundable or not?
Is the (up to) $1500 tax credit for residential energy improvements such as new windows a refundable tax credit or a regular tax credit. In other words, if I got the full credit for $1500 but only had a tax liability of $1000, would I get the other $500 refunded to me or would it just be lost.
Links would be very helpful.
Answer: The credit is not refundable. If you put enough improvements in service to get the full $1,500 credit and you owed $1,000 on your 2009 tax, the credit will pay for that tax. The remaining $500 may be carried over to 2010 and pay future tax.
The forms for this credit have not been published yet, but this is a reinstatement of a credit from 2007 which had carryover provisions.
See the old form here
http://www.irs.gov/pub/irs-prior/f5695–2007.pdf
Tax credit drives surge in home sales
Extraordinary government efforts to stabilize the housing market are paying off. What happens when the help runs out is anyone’s guess.
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