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Who can take the Residential Energy Credit?

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Question
Who can take the Residential Energy Credit?

Answer

You may be able to take the credits if you made energy saving improvements to your home located in the United States in 2014.

Home. A home is where you lived in 2014 and can include a house, houseboat, mobile home, cooperative apartment, condominium, and a manufactured home that conforms to Federal Manufactured Home Construction and Safety Standards.

You must reduce the basis of your home by the amount of any credit allowed.

Main home. Your main home is generally the home where you live most of the time. A temporary absence due to special circumstances, such as illness, education, business, military service, or vacation, will not change your main home.

Costs. For purposes of both credits, costs are treated as being paid when the original installation of the item is completed, or, in the case of costs connected with the reconstruction of your home, when your original use of the reconstructed home begins. For purposes of the residential energy efficient property credit only, costs connected with the construction of a home are treated as being paid when your original use of the constructed home begins. If less than 80% of the use of an item is for nonbusiness purposes, only that portion of the costs that is allocable to the nonbusiness use can be used to determine either credit.

 


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Article Details
Views: 308 Created on: Jun 15, 2013
Date updated: Oct 19, 2015
Posted in: Deductions

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