[RE-wrenches] federal tax credit

penobscotsolar at midmaine.com penobscotsolar at midmaine.com
Fri Nov 11 06:07:12 PST 2011


I read your post and I am far from an expert on tax issues, but one thing
I am sure of is that the home does not have to be the primary residence.
We have at least a dozen clients whose summer homes have benefited from
this incentive and early this question came up. All of these clients have
since used the tax credit on their second, or third residence.




> 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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