Can we claim tax rebate next year?

[geek]

if stove was placed in service in 2009 i know we can claim the rebate now when we file our tax return.

Instead of this year can we postpone the rebate in the tax return next year?

I have a rebate for my electric solar panel that I will claim now (around $4,700), putting the stove on top may be too much $$ coming back to me....could this trigger an audit?

Nothing to hide and no worries, but is better keeping "uncle" away is better, what do you think?

..

 

[Fsappo]

You can claim it next year. Remember the rebates are on a combined total. You can only claim $5000 in improvements (energy) for a total of $1500 total credit. So if you put in a wood stove in 2009 for $3000 and solar panels in 2010 for $5000, you will only get credit for $5000 worth of work done. Let me edit to say that the Biomass credit is only good thru 2009/2010. If you find the solar credit goes beyond 2010, you may want to claim the wood stove now and wait till after 2010 to claim the panels. Just a thought.

 

[geek]

I just saw that in turbotax, it is pushing an allowance for the remaining $$ for next year.

My solar complete install was worth $39k and the state rebate was $22k, so my out of pocket was about $17k.

I need to check this again because don't remember if in this situation for the solar system you claim based on the out of pocket expense which is $17k and not the total cost of the system.

Hope someone can chime in on this as well.

.

 

[CJRages]

There are two different tax credits with similar names.
See this IRS info http://www.irs.gov/newsroom/article/0,,id=214873,00.html

1) Residential Energy Efficient Property Credit: Effective dates 2009-2016
Allows for a nonrefundable credit of 30% of the total cost of qualified solar electric property
No limits on how large of credit you may claim
Nonrefundable means you get no credit if you have no tax liability for the year

2) Personal Energy Property Credit: Effective dates 2009-2010
Allows for a nonrefundable credit of 30% of the total cost of Qualifying Energy Saving Improvements: insulation, doors, windows, bio-mass wood stoves, etc.
Maximum credit amount is $1,500 claimed between 2009 and 2010 tax years.

My advice would be that pushing around when you claim the credit would be bad tax planning in the case of an IRS audit. General rule: you are allowed to take the credit in the year the property in placed in service. I would advise following this whenever possible.

-CPA

 

[geek]

thanks for the advise.

 

[geek]

1) Residential Energy Efficient Property Credit: Effective dates 2009-2016
Allows for a nonrefundable credit of 30% of the total cost of qualified solar electric property

Are you positive on that one?

Solar systems have a state rebate and then you pay the difference. I thought that the allowance MUST be based on the out-of-pocket expense NOT including the state rebate. There's a big $$ difference.

Compare a system which :
total is about $39,000
state rebate $22,000
out of pocket $17,000

30% of total cost would be $11,700
30% of my cost would be $5,100

BIG difference...

..