Any advice on claiming a geothermal system on tax forms? Has anyone had experience being denied some or all of the rebate? All I have is the receipt from the installers in a PDF. A PDF can be modified (not that I would or would need to) but just wondered what is enough documentation, or does anyone ever ask for it?
Sounds good enough for me. You will also need to keep with your records the Energy Star compliance certificate from the manufacturer and proof of payment receipts. Certificate should be available at manufacturers website or through your installer. You will also have to account for the credit received in the tax basis of your property, if you dispose of the property (sale, transfer, gift etc.) to calculate capital gain, if any (and there are many exceptions to the CG tax). Advise - Follow the directions. I have no experience with anyone being refused the credit.
Receipt cancelled check(s). You should not get refused the credit it will be whether or not at a later date you get a nice letter in the mail asking for documentation. Ive had to provide documentation for various tax issues over the years after the fact and was surprised by how unofficial looking things were accepted as proof. Sure you can modify things but tax fraud is generally not something you want to get caught doing.
The form are meant to claim the tax credit, you don't need receipts etc. They are only needed when you get audited.
By whom? IRS? State of New York? If I was the wizard, I would say what ever I wished was true. As the wizard I do not have to prove anything but, brains, heart and courage. See Doc's tax services.
Sarcasm does not replace knowledge. Neither the IRS nor the State of New York requires the submission of supporting documents, such as invoices. You only need to fill out the tax form to claim the credit.
