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Tax Credits? Post New Topic | Post Reply
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Dave Strnad
Posted: Jan 09, 2007 10:27 AM
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Tax Credits?
Does anyone have a sample tax credit form you would be willing to share? I'm not sure what to do about the tax credit. I called my supplier and they don't provide them because they don't manufacture foam, we do. So I guess I will have to make my own to give to people. Seems like another grey area. Any Thoughts?
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Posted: Jan 09, 2007 08:16 PM
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Which tax credit are you talking about? If it is the builders tax credit, then you need to get a HERS Rater to come in and do a blower door and duct blaster test on the home to see if it will pass. Then your rater will give you the credit form. |
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Dave Strnad
Posted: Jan 09, 2007 08:53 PM
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No its the tax credit for homeowners. I am just going to have to make my own. Some of the manufactures provide them but techically we are the manufactures of insulation, they just make iso and resin. Homeowners can deduct the material cost, I think it mostly applies to renovations not new construction. It really is not that big of a deal the homeowner just needs a signed statment that the insulation meets some requirment, it does not even have to state the R-value or thickness, etc. Icynene has one on their website and so do some other manufactures. All the cellulose manufactures have them as well. It is for all insulation products, but like I said I think it is for only for exsisting homes. I believe there is also one if you meet the energy star rating for new construction. I have looked everywhere and I do not think there is a universal form, but looking at the other forms it should be simple to type up. |
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Thomas Kasper
Posted: Jan 25, 2007 08:55 AM
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DaveS, Did you end up typing up you own tax cridit form? Is it possible the homeowner could just use the bill from the insulation jobs we do? I understand they get a tax credit for 10% of the insulation cost, with a maximum tax credit of $500.00. The form doesn't get mailed with the taxes it just gets kept with the homeowner for records. |
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Dave Strnad
Posted: Jan 25, 2007 01:10 PM
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I sort of avoided it, technically the specific job I did does not apply because it was an addition not additional insulation. I think that a remodel would qualify. I would just type up my own. The homeowner just needs it in case for their records. |
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Thomas Kasper
Posted: Jan 25, 2007 01:28 PM
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Yes, I'm going to type up my own. I have a few that qualify. I feel this will help me get their business again. Is it based on the cost of just the raw materials for the foam, or the materials and installation? |
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Dave Strnad
Posted: Jan 25, 2007 02:44 PM
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That is another grey area. Does just the sand or newspaper that fiberglass or cellulose is made of qualify? The raw materials that we buy are not insulation, but the finished product is. This makes us the manufacturer of SPF. So what is the cost of materials? Is it just the iso and resin cost or is it the cost to turn iso and resin into insulation? I don't really know and most people don't qualify anyway, but it is tax season and the phone is ringing from past customers. I leave it up to their accountants as to how much to deduct. All you have to provide is an invoice and a statement saying that your SPF qualifies. There is no mention as to thickness, r-value, etc. |
