Booger Posted February 7, 2008 Report Share Posted February 7, 2008 Taxpayer had his home built in 2007. He has asked whether certain energy efficient items qualify for the energy credit (NOT SOLAR). I believe that in order to qualify for the credit, the taxpayer has to REPLACE an existing unit for a more energy efficient unit. New construction DOES NOT QUALIFY. Am I correct? Thanks, Booger Quote Link to comment Share on other sites More sharing options...
Booger Posted February 7, 2008 Author Report Share Posted February 7, 2008 Taxpayer had his home built in 2007. He has asked whether certain energy efficient items qualify for the energy credit (NOT SOLAR). I believe that in order to qualify for the credit, the taxpayer has to REPLACE an existing unit for a more energy efficient unit. New construction DOES NOT QUALIFY. Am I correct? Thanks, Booger Found my answer......qualified residential energy property used in new construction DOES QUALIFY. See page 10-6 of 1040 express answers. Booger Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 7, 2008 Report Share Posted February 7, 2008 Found my answer......qualified residential energy property used in new construction DOES QUALIFY. See page 10-6 of 1040 express answers. Booger But does it apply to the homeowner or to the builder/contractor that installed it in the new home? Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted February 7, 2008 Report Share Posted February 7, 2008 There are two credits - one for homeowners and one for buillders. There are 2 separate forms (can't remember the numbers but one is in the 5000 series and the other I think is in the 8000 series). The homeowners get a credit up to $500 for energy efficiency improvements, and the builders get a credit for building energy efficient homes. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 7, 2008 Report Share Posted February 7, 2008 There are two credits - one for homeowners and one for buillders. There are 2 separate forms (can't remember the numbers but one is in the 5000 series and the other I think is in the 8000 series). The homeowners get a credit up to $500 for energy efficiency improvements, and the builders get a credit for building energy efficient homes. Tom Lodi, CA Tom is exactly correct. Owners get improvements, builders get credit for new construction. http://www.energystar.gov/index.cfm?c=prod....pr_tax_credits Quote Link to comment Share on other sites More sharing options...
Booger Posted February 7, 2008 Author Report Share Posted February 7, 2008 Thanks to all who responded to this thread. All of you take a dollar out of petty cash! Booger Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 7, 2008 Report Share Posted February 7, 2008 Thanks to all who responded to this thread. All of you take a dollar out of petty cash! Booger Thanks...I took a candy from the bowl on your desk too.....at least I THINK that was candy? Quote Link to comment Share on other sites More sharing options...
Trnr395 Posted February 7, 2008 Report Share Posted February 7, 2008 Last year I had a contractor frame up my house. I have done all of the rest, insulation, exterior doors, windows, etc. Would I qualify for the credit for the builder. As far as my reading goes I would say no....but am still unclear??? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 7, 2008 Report Share Posted February 7, 2008 There are requirements for a builder to become a 'qualified' builder. It is not practical to do the things required for just one home. Quote Link to comment Share on other sites More sharing options...
Linda Posted March 25, 2008 Report Share Posted March 25, 2008 Found my answer......qualified residential energy property used in new construction DOES QUALIFY. See page 10-6 of 1040 express answers. Booger Read the reference and still don't see that new construction/addition qualifies for first part of credit - insulation, windows, doors. Been searching...seems so simple...must be missing something. Quote Link to comment Share on other sites More sharing options...
jainen Posted March 25, 2008 Report Share Posted March 25, 2008 >>does it apply to the homeowner or to the builder<< Depends on who owns it. If you have a homesite and bring in someone to build your custom home, you get the credit just like if you had an existing home and brought in a contractor to install new features. But if you have your eye on a new planned community and order upgrades, you don't get the credit even though the builder passes on the higher price to you. Quote Link to comment Share on other sites More sharing options...
Linda Posted March 27, 2008 Report Share Posted March 27, 2008 >>does it apply to the homeowner or to the builder<< Depends on who owns it. If you have a homesite and bring in someone to build your custom home, you get the credit just like if you had an existing home and brought in a contractor to install new features. But if you have your eye on a new planned community and order upgrades, you don't get the credit even though the builder passes on the higher price to you. What about an addition to an older home? Does the new construction of the addition qualify for windows, doors, insulation? Quote Link to comment Share on other sites More sharing options...
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