I have been researching the energy efficient commercial property deduction. Everything I have found says to list the deduction as "other deduction" on the 1120, 1120S or 1065. The commercial property is owned by an individual. Can the deduction be taken on Sch E by the individual?
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Osu?
Lets get our priorities straight here. We'll talk about taxes later.
Ohio State? (will go 10-2)
Oklahoma State? (will go 9-3)
Oregon State? (will go 8-4)
from a Tennessee fan who's hoping to finish with an inspiring 6-6 year. -
Osu
Oklahoma State...hopefully they get the Dez thing cleared up!Comment
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IRS Notice 2006-52
O.K. now that we have our priorities straight -
I'm assuming you are speaking of the energy deduction outlined in IRS Notice 2006-52. From what I'm able to tell, this thing expired January 1, 2008. And I read nothing in the notice which limits the deduction to corporations or entities, or denies the deduction for individuals.
Since this is for commercial buildings, I cannot mentally create any scenario where this is the same thing as residential credits. Question being: what are the mechanics of filing for the deduction. I suppose for lack of a better answer I would enter a single line item as "other deductions" on Schedule E, C, or F (whichever applies).
Another concern would be whether the expenditure/product qualifies for the expense. In the course of a year I hear a gaggleplex of comments such as "The salesman told me this water heater qualifies, or this window qualifies, etc" but fails to provide a manufacturers certificate. For IRS Notice 2006-52, the effect of the expenditure has to be very substantial in terms of energy saved and absent an engineering survey or manufacturers' surety, I don't know a claim of savings could be proved or disproved. I certainly wouldn't accept the owner telling me "The salesman told me I could take it off."
Notice also that the cost of the expenditure has absolutely nothing to do with the deduction. The deduction is, at a maximum, $1.90 per square foot.
I'm not the best source for this, but I did sleep at a Holiday Inn Express last night.
By the way, welcome to the board. Bring your questions and you'll get lots of informative answers and comments. Most of the guys and ladies know a lot more than me.Comment
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A couple more...
Michigan State, not it's best year
UConn has a chanceComment
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