I have a taxpayer that waterproofed her basement. The company that did it told her that it increased the R value and counts towards the energy efficient credit. I cannot locate a source for this, unless it falls under the insulation piece. Does anyone have a resource? Thank you.
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Don't you love it when salespeople give tax advice? LOL.
No, based on what you said it doesn't qualify. Increasing the R-value means they are referring to insulation, but the Code requires that the insulation is "specifically and primarily designed to reduce the heat loss or gain". It sounds like whatever they did is "specifically and primarily designed" for waterproofing, not to reduce heat loss (even thought reducing heat loss is an after-effect). -
Products that air seal qualify if they come with a manufacturer’s certification that they meet energy star standards, etc. I also have client who was told his crawlspace wrap qualifies, but alas the info is on their phone, and they have yet to upload so I can see what was actually done and installed.
However, my first response to him was,”Did you bring me the manufacturer’s certification?” Blank stare.
Insulation is insulation; wrap is not, but might qualify. You’ll have to check out specifics. So far this year I have not had a window or door qualify for the credit under the new rules. Most doors and windows on retailers’ floors no longer even have the Energy Star or NFRC label on them.
Remember if the wrap does qualifies, it is the cost of the wrap only, not installation.Comment
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Products that air seal qualify if they come with a manufacturer’s certification that they meet energy star standards, etc. I also have client who was told his crawlspace wrap qualifies, but alas the info is on their phone, and they have yet to upload so I can see what was actually done and installed.
However, my first response to him was,”Did you bring me the manufacturer’s certification?” Blank stare.
Insulation is insulation; wrap is not, but might qualify. You’ll have to check out specifics. So far this year I have not had a window or door qualify for the credit under the new rules. Most doors and windows on retailers’ floors no longer even have the Energy Star or NFRC label on them.
Remember if the wrap does qualify, it is the cost of the wrap only, not installation.Comment
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Tried to edit previous post: If it qualifies,it goes on the insulation line.Comment
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Waterproofing the basement increases the R value of the insulation consistent with IRS regulations??
I think the client needs to contact the salesperson for some additional "tax advice."Comment
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