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A client was told by his builder that his rental property will qualify for a residential energy credit in 2022. Does anyone have information on this?

ESGLLC
Level 1
The property is held in a partnership.
0 Cheers
9 Comments 9
abctax55
Level 15

I suggest some CPE on what the Inflation Reduction Act included regarding energy credits.  

HumanKind... Be Both
abctax55
Level 15

Also - google is your friend:

https://search.yahoo.com/yhs/search?hspart=avg&hsimp=yhs-securebrowser&type=8153&param1=e0f50a024ae1...86.0.6536.113&param4=17|US||&p=residential+energy+tax+credits+for+2022

HumanKind... Be Both
abctax55
Level 15

Well, crap... the link I posted isn't working and for some reason I can't edit my post ???

Here's a bone tho, yes - partnerships can avail themselves of credits that are then passed thru on the K-1.

HumanKind... Be Both
TaxGuyBill
Level 15

@abctax55 wrote:

 for some reason I can't edit my post ???


 

Yeah, somebody disabled the ability to edit posts a couple of weeks ago.  It's driving me crazy. 

sjrcpa
Level 15

Me, too. I can't fix my typos.

The more I know, the more I don't know.
Skylane
Level 11
Level 11

Must Have been the last upgrade…. Fix 2, break 3.

If at first you don’t succeed…..find a workaround
Skylane
Level 11
Level 11

Excellent. Since the builder is aware of the tax credits…. Your client should tell the builder that the builder should provide the appropriate documentation, ie. energy star  labels and receipts for items they purchased or installed for which the credit may be claimed

If at first you don’t succeed…..find a workaround
qbteachmt
Level 15

When is the property considered complete? Because the provisions in 2023 are much better:https://www.energystar.gov/products/ask-the-experts/the-tax-credits-for-energy-efficient-upgrades-ar...

 

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Skylane
Level 11
Level 11
Edit feature has been fixed…. For now…
If at first you don’t succeed…..find a workaround