[RE-wrenches] federal tax credit

[Jeff Irish]

Interpretations and rulings are also a big component of how tax laws are implemented.  National SEIA has an excellent tax manual written by some very good tax attorneys that is available to members.  In my experience most accountants (and installers) need this kind of direction because the subject is so new and specialized.

Jeff Irish, PE
President
Hudson Valley Clean Energy, Inc.
and Adirondack Solar
13 Hook Road
Rhinebeck, NY 12572
T.845.876.3767x110
F.845.876.3912
jeff at hvce.com<mailto:jeff at hvce.com>
Renewable Energy Systems
Solar, Wind, Geothermal
NYSERDA Eligible PV Installer
NABCEP Certified PV Installer




From: re-wrenches-bounces at lists.re-wrenches.org [mailto:re-wrenches-bounces at lists.re-wrenches.org] On Behalf Of Jamie Johnson
Sent: Friday, November 11, 2011 8:21 AM
To: RE-wrenches
Subject: Re: [RE-wrenches] federal tax credit
Importance: High

Todd,

See IRC sections 25D and also 136 if there is a utility paid incentive, as any utility paid incentive may affect how 25D is applied.
You may also want to see Sections 280A(d)(1), 280A(d)(2), and 280A(f)(1) for the definitions.

Jamie Johnson
NABCEP Certified PV Technical Sales Professional
NABCEP Certified Solar PV Installer

General Manager
SOLAR POWER ELECTRIC
[cid:image001.jpg at 01CCA04D.C5F73420]


-------- Original Message --------
Subject: [RE-wrenches] federal tax credit
From: toddcory at finestplanet.com<mailto:toddcory at finestplanet.com>
Date: Fri, November 11, 2011 12:58 am
To: "RE-wrenches" <re-wrenches at lists.re-wrenches.org<mailto:re-wrenches at lists.re-wrenches.org>>
Wrenches,

I got the following information from a customer who ran the federal tax credit by her accountant. As a double check... is this correct?

Thanks,

Todd


My accountant wrote:

The taxpayer claiming the credit must be the owner of the home.  The value of these credits adjust basis for sale of home calculations.  The residency test for this credit is the same as what is used in determining ownership and exclusion of gain on the sale of a primary residence.
The credit cannot be claimed on a commercial property, rental property or by a tenant, and the taxpayer claiming the credit must be the owner of the home which is being used as their primary residence.



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