The Federal Tax Credits Blog

Posts Tagged ‘green’

3/4 Dinheiro como débito [2006] (Money As Debt) (Leg. Pt Rev.)

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

Question: Can I get another solar federal tax credit if I move?

If I purchased solar panels for my house now and received the 30% credit, but then 10 years from now I move, would I be able to get the credit again if I put panels on that next house?
Your right that I’m basically asking if it extends to multiple projects. I swear I heard before that it was a one time deal before, but I think the context was if I were to get a solar electric system AND a solar water heater. But I would think that if you moved you would get the same deal again.

Answer: The 30% credit would be expired in 10 years, but that’s not the point. The question is, can you take additional credits for more than one project? I’d suggest going to irs.gov and downloading form 5695 and its instructions. It used to be that you could do as many projects as you want, even on the same house, except that the total credit was capped. I’m not sure what happens now that the cap is removed.

Solar Tax Credits

Benefits of a New Air Conditioning Unit

Question: Concerning the Home Energy Tax Credit, what happens if your contractor will not break out the pricing for you?

I recently had insulation installed in my home. I need the insulation contractor to break out the material from the total bill. They said it is not possible. Do they leagally have to? Why or why not?

Answer: I don’t know if you can force him to itemize the invoice. I personally would not deal with any contractor that would not agree to an itemized invoice in the contract before any work started. As for their statement that ‘it is not possible’. That is false. If they don’t know how much they paid for materials, they shouldn’t be in business.

Window Quilts Work (YouTube).mov