[RE-wrenches] federal tax credit

[Dave Palumbo]

I support what Daryl DeJoy said below. Although it's not that
straightforward an issue. 
Check out
http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US37F&re=1&e
e=0 you'll see that for Solar Electric, Solar Water Heating, Small Wind and
Geothermal Heat Pumps it is stated "The home served by the system does not
have to be the tax payers principal residence". For Fuel Cells it states "
The Home served must be the taxpayers principal residence".

David Palumbo
Independent Power LLC 
462 Solar Way Drive
Hyde Park, VT 05655
www.independentpowerllc.com 
NABCEP Certified PV Installer
Vermont Solar Partner
24 Years Experience, (802) 888-7194 




<< 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
> 
>
> 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]
>
>
>
> 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.
>
>
>
>