Wind Energie

[Gretel]

I need confirmation please.

Any investment in wind energie for residential property qualifies for a credit only if placed in service in 2006 or 2007. No credit or deduction available if placed in service in 2005, right?

Thank you.

[Bees Knees]

I don't know of any new credit for wind energy for 2006 or 2007. The residential energy efficient property credit is for solar energy and qualified fuel cell property.

There has been a renewable electricity production credit under Section 45 that has been on the books for years for electricity produced from wind, closed-loop biomass, and poultry waste.

You would need to read the instructions to Form 8835 to see if it applies. It appears to me it applies to a business and not a personal residence.

http://www.irs.gov/pub/irs-pdf/f8835.pdf

[Gretel]

Wind Energie

Thanks, Bees.

8835 is for businesses, which sell energy, so not for residential use.

TTB 1-18, Energy Credit (IRC 48) states ... and qualified microturbine property.... I read this to mean wind engergy. Please correct me if I am wrong.

[Bees Knees]

Naturally, doing a search on "wind" will not give you microturbine. I don't know what a microturbine is.

But the Energy Credit mention in TTB page 1-18 also seems to be connected to a business. The credit is also mentioned on page 11-10 under Form 3468, Investment Credit.

See page 4 of the instructions for Form 3468 at http://www.irs.gov/pub/irs-pdf/f3468.pdf