Residential Nonbusiness Energy credits

[LCP]

Two basic questions ....

1. $500 lifetime per person therefor $1000 on a joint return?

2. If the manufacturer says it (windows, insullation, appliances, etc) qualifies it qualifies......... the manufacturer not the seller/installer ??? No official stamps or wording or anything like that???

[Chief]

Darn it

This credit will take a lots of explaining to our clients. That's one thiing we can expect during this tax season. You had better have your facts lined up for the answer s you will have to provide.

[Bird Legs]

Qualifying property

Taxpayer can rely on the manufacturers certification that the property or component neets the technical requirements of the credit. Installation must be consistent with certification.
Original use of property must be by the taxpayer.
See TTB 11-11

[Gene V]

Two basic questions ....

1. $500 lifetime per person therefor $1000 on a joint return?

2. If the manufacturer says it (windows, insullation, appliances, etc) qualifies it qualifies......... the manufacturer not the seller/installer ??? No official stamps or wording or anything like that???

I don't have the TTB yet, but reading from other publication, you only get $500.00 max.

"The lifetime credit limit is $500 for any taxpayer (thus, only $500 is allowd on a MFJ return. For a jointly occupied residence, the combined limit for all individuals using the residence is $500, so filing MFS returns doesn't increase the $500 limt.)"