Think I know the answer to this but want to run it by everyone here. Taxpayer built a new home in 2010 and has certificate and letter authorizing it for the 2005 EPACT energy efficient home tax credit. I know there is a Kentucky credit. Is there also a Federal credit that this home qualifies for? Seems I've seen discussion on this board in the past about this but can't find it from my search.
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Are you sure it is not this one - for a contractor?Originally posted by Bonnie View Post
§ 45L. New energy efficient home credit
(a) Allowance of credit
(1) In general
For purposes of section 38, in the case of an eligible contractor, the new energy efficient home credit for the taxable year is the applicable amount for each qualified new energy efficient home which is—
(A) constructed by the eligible contractor, and
(B) acquired by a person from such eligible contractor for use as a residence during the taxable year. -
Are you sure it is not this one - for a contractor?[/QUOTE]
Well it is actually the same person. Taxpayer is a contractor who built a home for himself last year. So would he get the credit twice? Is this a credit the contractor takes as well as the owner?Comment
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Depends how he is set up as a contractor. If he is a sole prop, credits go on personal. If he is organized as corp or partnership, goes on buisness return. No double dipping, one or the other.Comment
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It is for a contractor.Originally posted by Bonnie;11338?[QUOTELast edited by solomon; 02-07-2011, 07:00 PM.Comment
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[]Depends how he is set up as a contractor. If he is a sole prop, credits go on personal. If he is organized as corp or partnership, goes on buisness return.
He is sole prop so can you tell me where he takes this credit? Does it go on Sch C somewhere? Or as a credit on the 1040?
I've never had this before so not sure where to take the credit.Comment
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