Client bought new windows in 2008, but did not install them until 2009. However, since she installed them herself, there isn't any proof of the 'date placed in service'. Would you take the credit on the word of the client? I don't have any reason to believe not (with a new baby I can understand not having time to install the windows)
-
-
Since you don't have any reasons to not believe your client, what is the problem? I don't think it is up to us to prove installation, so I don't see why you can't take the credit.
I am wondering myself how these credits (IRS & State) work if year-end is involved. My state also pays for installation. Most often contractors charge 50% down for the materials - speak windows - and then 50% after installation.
I think you can take credit only on the amount actually paid. So it would be 50% each year if downpayment happens in December but installation is in next year. My state asks for installation date. I concluded that as long as installation is done, TP qualifies for credit. If installation is not done early in the year then tax return must wait until it is done.
I am really interested in other opinions on this subject.
Comment