cientax Posted February 3, 2010 Report Posted February 3, 2010 I've had two different clients in the last two days wantingto take a credit for their new televisions and clothes drier and washing machines. They were told they could take these credits. Where do I find information on these credits? I know they have been talking to their friends or another excellent preparer that will ge them a good refund. Quote
kcjenkins Posted February 3, 2010 Report Posted February 3, 2010 http://www.energystar.gov/index.cfm?c=tax_credits.tx_index SOME appliances do qualify, but it's an area that is often misunderstood by average folks. Not all EnergyStar appliances qualify. Also, it must be an existing home & your principal residence. New construction and rentals do not qualify. And NO TVs qualify, to the best of my knowledge. Also, though, you should look at http://www.energystar.gov/index.cfm?fuseaction=rebate.appliance_rebate to see what 'rebates' your state has, as almost all states have some. This is not a tax credit, but an actual rebate from the state, and often it has to be applied for within 30 days of purchase. Quote
chuck Posted February 3, 2010 Report Posted February 3, 2010 We have some credits in Michigan but no TV's Quote
joelgilb Posted February 3, 2010 Report Posted February 3, 2010 Awwww, and I was hoping to take a credit for my 73" screen TV. As well as the accompanying surround sound system. Hell, if I had know this wasn't available I would just have planned to watch the Superbowl at the sports book in the local casino. Now they have a BIG SCREEN! This is as bad as when I had to tell my clients that their pets don't qualify as dependents anymore! Quote
Margaret CPA in OH Posted February 3, 2010 Report Posted February 3, 2010 Ahhh, good to read you here again, Joel! We've missed you, you know. The wit, the fun, the smart answers, I mean, intelligent responses. Glad you're back! Quote
kcjenkins Posted February 3, 2010 Report Posted February 3, 2010 Life is hard, and then you die! Quote
Jack from Ohio Posted February 4, 2010 Report Posted February 4, 2010 Is this the "Joke of the day" thread? Quote
taxtrio Posted February 4, 2010 Report Posted February 4, 2010 Client wanted to take the "bird seed" credit on their tax return!! Said they heard about it from the Audobon Society. They said if you spend 200.00 or more on bird seed (feeding wild birds) during the year they could either get a credit / or get a deduction for it.... Tax season just started and aren't we having fun!! Taxtrio Quote
jainen Posted February 4, 2010 Report Posted February 4, 2010 >>Television tax credit<< Yes, this actually exists, but it is not a federal tax credit. It is offered by a number of states and cities to encourage production of television shows. And this time it's not just my opinion--I learned it by putting the title of this thread into Google! Quote
chuck Posted February 4, 2010 Report Posted February 4, 2010 To produce TV shows not to buy TVs. Quote
joelgilb Posted February 5, 2010 Report Posted February 5, 2010 >>Television tax credit<< Yes, this actually exists, but it is not a federal tax credit. It is offered by a number of states and cities to encourage production of television shows. And this time it's not just my opinion--I learned it by putting the title of this thread into Google! Well, think I am going to start producing TV shows then! Leave it to Jainen to find the loophole. How about a reality show about an OBGYN? Or OBGYN wannabee. I might even want to play the lead! And since its a reality show, who cares that I don't have a medical license. Especially if I produce it in the South or here in Vegas. Remember "What happens in Vegas Stays in Vegas! And thx for the welcome back Margaret Quote
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