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Topic Review (Newest First)
01-11-2011 10:24 AM
TomCopeland Yes, 39 years is a long time! Claim the energy credit on your personal tax return, not your business tax forms.
01-10-2011 02:44 PM
llove530 I am claiming the Energy Credit on my personal taxes and not business.

Wow 39 yrs. that is a long time !!
01-10-2011 07:54 AM
TomCopeland You can deduct the time-space percentage of the cost of a new heating/ac system. Since this is a home improvement, you must depreciate it over 39 years.

Assuming your heating/ac system was energy efficient, you may also be entitled to claim a federal energy tax credit. See my recent blog post on this:

The blog post says that you can't claim the maximum energy tax credit if your time-space percentage was over 20%.
01-09-2011 04:16 AM
llove530 Do I have to figure out the time / space % myself and then put in that figure?
01-08-2011 05:50 AM
DCMomOf3 I believe yes.
01-08-2011 05:16 AM
llove530 I would put it under depreciation though and not an expense right?
01-08-2011 04:31 AM
DCMomOf3 welcome! You would use the time/space %. I am not sure how the tax credit affects it though.
01-08-2011 02:47 AM
llove530 We had to purchase a new heating/ac unit for our house. I use 100% of my home for my daycare. The unit was very costly. How do I write this off on my business taxes. I also included it on personal for the energy credit. Help!

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