<html><body><span style="font-family:Verdana; color:#000000; font-size:10pt;"><div>Todd, </div>
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<div>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.<BR></div>
<div>You may also want to see Sections 280A(d)(1), 280A(d)(2), and 280A(f)(1) for the definitions.</div>
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<DIV id=wmQuoteWrapper>-------- Original Message --------<BR>Subject: [RE-wrenches] federal tax credit<BR>From: <a href="mailto:toddcory@finestplanet.com">toddcory@finestplanet.com</a><BR>Date: Fri, November 11, 2011 12:58 am<BR>To: "RE-wrenches" <<a href="mailto:re-wrenches@lists.re-wrenches.org">re-wrenches@lists.re-wrenches.org</a>><BR><BR><FONT size=4 face=arial>
<div style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">Wrenches,</div>
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<div style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">I got the following information from a customer who ran the federal tax credit by her accountant. As a double check... is this correct?</div>
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<div style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">Thanks,</div>
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<div style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">Todd</div>
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<div style="font-size:12pt;PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px" class=MsoNormal><SPAN style="FONT-FAMILY: 'Georgia','serif'; FONT-SIZE: 10pt">My accountant wrote: <BR></SPAN></div>
<div style="font-size:12pt;PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px" class=MsoNormal><SPAN style="FONT-FAMILY: 'Georgia','serif'; FONT-SIZE: 10pt"><BR></SPAN></div>
<div style="font-size:12pt;PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px" class=MsoNormal><SPAN style="FONT-FAMILY: 'Georgia','serif'; FONT-SIZE: 10pt">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.</SPAN></div>
<div style="font-size:12pt;PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px" class=MsoNormal><SPAN style="FONT-FAMILY: 'Georgia','serif'; FONT-SIZE: 10pt"></SPAN></div><SPAN style="FONT-FAMILY: 'Georgia','serif'; FONT-SIZE: 10pt">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.</SPAN><BR>
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