Energy Saving Rebate Question
We’re currently choosing between window upgrades, and there’s one unanswered question regarding the tax rebate. Each homeowner gets 30% of the cost (if the window qualifies) up to $1,500 per year in tax rebates. In our case, we have four families in an LLC converting to condos, and there are upcoming common renovations, such as…
We’re currently choosing between window upgrades, and there’s one unanswered question regarding the tax rebate. Each homeowner gets 30% of the cost (if the window qualifies) up to $1,500 per year in tax rebates. In our case, we have four families in an LLC converting to condos, and there are upcoming common renovations, such as roof and basement work, that would seem to be candidates for rebates when those bridges get crossed. Are these energy rebates only available for individuals and not common building upgrades? If they are, does the common rebate amount cut into the $1,500 total of my window rebate, or are they considered separate and not co-mingling totals?
Thanks : )
I was on the way to calling the IRS, but I was so bounced around on the tax rebate links on the http://www.energy.gov site that I came here first.
These are very helpful responses and get me much of the way there. Thanks very much : )
The rebate is intended for individual homeowners. You get the rebate when you file your 1040 tax return, so you would have to pay for your windows as owner of your apartment. Your window rebate would be 30% of your cost up to 1500. I don’t believe that common windows would qualify because the condo files an 1120H tax return. Check with the IRS website, or call the toll free number.
If you phone the utilities they can answer your questions. I had several & they were informative.