The Federal Tax Credits Blog

Posts Tagged ‘energy’

Question: status of my refund and child tax credit question?

Does the ’status of refund’ on irs.gov ONLY shows the refund amount rather than showing the total amount with the child tax credit and the refund, right? If so, they will send us a check with the child tax credit on top of the refund amount, right?
If I also dont have any tax liabilities. I will still receive the child tax credit and the refund?

Answer: Wrong. Credits, including the child tax credit, are part of the amount of the refund.

Small Business: Tax Credits in Small Business Jobs Act

CLIMATEGATE EXPOSED THE HOAX! (2/4)

Home Insulation

Question: Help with Filing Rental Income Tax From Renting Part of my Home?

I just bought a house in 2009 and took the 8k credit by amending my 08 taxes. I had a buddy move in with me and he takes up about 60% of the house (it asks that on turbo tax). Its an older house so I made use of that 8k ( New Appliances,New Tile Flooring, Gutters, Repaired Hot Water Tank, Repaired Trash Disposal had overgrown foliage removed) I’m pretty sure all these expenses are tax deductable beyond the rent I recieved from my tenant. I have all of the receipts as well. I started doing turbo tax, would it be better to go to a professional? Will I be able to deduct all the improvments and repairs I made?

Answer: I have a similar situation and my “roommate” uses 30% of the space. I would follow the idea that only EXCLUSIVE USE space belongs to the roommate and share used or common area space is split 50-50. So your roommate’s bedroom is exclusive use and shared kitchen, bath, and living room facilities would be 50% yours and 50% roommate’s. Take the sum of square footage assigned to your roommate and divide by the total livable square footage of your home to arrive at the rental percentage. In general, just be prepared to justify the reasonable method you chose for calculating the percentage assigned to the roommate.

All improvements, appliances, etc., have to be depreciated. You will need TurboTax Premier to track depreciation. If you have no trouble following instructions and don’t hate doing taxes, you should have no trouble doing this on your own. You should also read IRS Publication 527 [http://www.irs.gov/pub/irs-pdf/p527.pdf] for more info.

TurboTax Deluxe Federal + eFile + State 2009 $11.30 TURBOTAX DELUXE WITH STATE…

Energy Star Credits – TaxMama.com