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  1. #27
    Join Date
    Dec 2002
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    Houston,Tx.
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    Quote Originally Posted by louiee View Post
    So, do you think it will affect consumer behavior? Is the $1500 enough to influence the buyer?

    Louiee, here is the realistic version Tax Credit, first off it's to new and I have yet to meet anyone personally yet that can explain it "perfectly" not even a CPA or Tax Attorney, most tax attorneys or cpa's are to busy right now with tax season. I am not talking about explaining the requirements 'Thats simple" I am talking about someone explaing how it will works on there personal taxes. Here's an idea Louiee, if your business requires the higher end units to prosper, report back to us quarterly, this will help us all determine from the controls aspect of the business. Again "for the record" I am not condemning the credit "said that once already for the in between line readers" all I am saying is it's mostly for the rich. I am a very opened minded person, and all ears, please explain to me the best you can, how this will benefit the working man in today's economy, I'm listening.
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards". - Vernon Law

    "Never let success go to your head, and never let failure go to your heart". - Unknown

  2. #28
    Join Date
    Dec 2002
    Location
    Houston,Tx.
    Posts
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    Quote Originally Posted by rossb View Post
    That's what I thought you were saying. But from my perspective, whether it's $1500 going into my pocket or $1500 not coming out of my pocket...it's all the same.
    You said is perfectly "from your perspective" please be honest with me, do you feel everyone will feel the same as you about it? It is a little different feeling, when you really never psychically see the money for some folks.
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards". - Vernon Law

    "Never let success go to your head, and never let failure go to your heart". - Unknown

  3. #29
    Join Date
    Apr 2005
    Location
    N. E. Missouri
    Posts
    9,750
    I think what Mr. Bill was getting at is that if you don't have a $1500.00 tax liability at the end of the year you won't be getting $1500.00 back. It is a non-refundable tax credit (not a rebate) and as such, cannot take your tax liability below zero (give you more back as a refund then you originally paid in taxes).
    For those low on income or on a fixed income that may not pay any taxes at all, there is absolutely no value. Also, to receive the full credit (if you qualify) you must be spending a minimum of $5000.00--the credit is 30% of the total up to $5,000 for the maximum credit of $1500.00

    Say you generally get a tax refund. If the remainder of taxes that you paid in (and didn't get refunded at tax return time) is $500.00 then the largest credit you can take against it would be $500.00
    Do not argue with an idiot. He will drag you down to his level and beat you with experience.

  4. #30
    Join Date
    Dec 2002
    Location
    Houston,Tx.
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    Quote Originally Posted by mrs reb77 View Post
    I think what Mr. Bill was getting at is that if you don't have a $1500.00 tax liability at the end of the year you won't be getting $1500.00 back. It is a non-refundable tax credit (not a rebate) and as such, cannot take your tax liability below zero (give you more back as a refund then you originally paid in taxes).
    For those low on income or on a fixed income that may not pay any taxes at all, there is absolutely no value. Also, to receive the full credit (if you qualify) you must be spending a minimum of $5000.00--the credit is 30% of the total up to $5,000 for the maximum credit of $1500.00

    Say you generally get a tax refund. If the remainder of taxes that you paid in (and didn't get refunded at tax return time) is $500.00 then the largest credit you can take against it would be $500.00

    Thank you! I was on the phone this morning with my CPA and a tax attorney and all they did was confuse me, but I think the tax attorney said basically the same as you did, my CPA told me he has yet had time to study it, he is to busy.
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards". - Vernon Law

    "Never let success go to your head, and never let failure go to your heart". - Unknown

  5. #31
    Join Date
    Jun 2007
    Location
    The Twilight Zone
    Posts
    2,964
    Here is a quote from EneryStar.Gov on HVAC equipment for the tax credit:

    "A Manufacturer’s Certification is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit. The IRS encourages manufacturers to provide these Certifications on their website to facilitate identification of qualified products. Taxpayers must keep a copy of the certification statement for their records, but do not have to submit a copy with their tax return."

    Looks like someone can claim the credit on a system that doesn't meet the criteria, if they are willing to take the risk that the IRS doesn't ask for the certificate if they are audited.

    Not condoning it, just noting it.

  6. #32
    Join Date
    Dec 2002
    Location
    Houston,Tx.
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    Quote Originally Posted by gary_g View Post
    if they are willing to take the risk that the IRS doesn't ask for the certificate if they are audited.
    Yes you know there not going to ask for it, right?
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards". - Vernon Law

    "Never let success go to your head, and never let failure go to your heart". - Unknown

  7. #33
    Join Date
    Jun 2007
    Location
    The Twilight Zone
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    Quote Originally Posted by noobs View Post
    Does this qualify?

    arirefnumber OEMTradeName OutdoorUnitOEMName ModelNumber CoilModelNumber Capacity95FHigh EER95F SEER TierValue ARIType
    566412 XC21 SERIES LENNOX INDUSTRIES, INC. XC21-060-230* (2) CBX32MV-036-230* 61500 13.25 16.40 CEE Tier 3 (Advanced) RCU-A-CB


    I ask to see if I am using the CEE directory properly. (It's the only 5 ton split system with OEM coil in the database)

    Looks like 13.25 EER and 16.4 SEER.

    I would say "yes, it qualifies".

  8. #34
    Join Date
    Dec 2002
    Location
    Houston,Tx.
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    Quote Originally Posted by gary_g View Post
    Looks like 13.25 EER and 16.4 SEER.

    I would say "yes, it qualifies".
    To bad we can't post prices ha Gary?
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards". - Vernon Law

    "Never let success go to your head, and never let failure go to your heart". - Unknown

  9. #35
    Join Date
    Jun 2007
    Location
    The Twilight Zone
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    Quote Originally Posted by Mr Bill View Post
    Yes you know there not going to ask for it, right?
    I would believe that if there are no other "red flags" on an Income Tax Return, then the certificate should not be requested by the IRS.

    But I'm not going to find out personally. I'm happy with my 14 SEER, 12 EER, 9 HSPF heat pump. I could buy 3 of these for the same price as one of the high end super SEER systems ($1500 tax credit or not).

    Take care.

  10. #36
    Join Date
    Jun 2007
    Location
    The Twilight Zone
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    Quote Originally Posted by Mr Bill View Post
    To bad we can't post prices ha Gary?
    You're trying to get me in trouble

  11. #37
    Join Date
    Apr 2005
    Location
    N. E. Missouri
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    Quote Originally Posted by gary_g View Post
    Here is a quote from EneryStar.Gov on HVAC equipment for the tax credit:

    "A Manufacturer’s Certification is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit. The IRS encourages manufacturers to provide these Certifications on their website to facilitate identification of qualified products. Taxpayers must keep a copy of the certification statement for their records, but do not have to submit a copy with their tax return."

    Looks like someone can claim the credit on a system that doesn't meet the criteria, if they are willing to take the risk that the IRS doesn't ask for the certificate if they are audited.

    Not condoning it, just noting it.
    How do you think I know how to explain the credit?
    We had a customer trying to get a certificate in the previous program. It wasn't a qualifying system which I did explain.
    Ended up talking to the accountant and then hers as to why she couldn't take it. She also didn't have a tax liability to offset it!
    We didn't sell the system to her reputing it to meet any tax credit criteria--she got a good system but wasn't a 95% and the a/c was a standard 13 SEER--knew that she was a senior on pension and S.S. but her "accountant" told her if she got a new 'high efficiency' furnace she'd qualify to get back money from the IRS.
    She was a little upset. She'd already gotten a local Utility rebate and I talked to her insurance company and got her a small discount for replacing very old equipment. Guess she was figuring it would just go on!
    Do not argue with an idiot. He will drag you down to his level and beat you with experience.

  12. #38
    Join Date
    Dec 2002
    Location
    Houston,Tx.
    Posts
    15,918
    Quote Originally Posted by gary_g View Post
    I'm happy with my 14 SEER, 12 EER, 9 HSPF heat pump. I could buy 3 of these for the same price as one of the high end super SEER systems ($1500 tax credit or not).

    Take care.

    Well, we will just act like you did not say that ok? that would be agreeing with what I have been trying to say all along, we can't have that now can we?

    You should have used that new Stealth font.
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards". - Vernon Law

    "Never let success go to your head, and never let failure go to your heart". - Unknown

  13. #39
    Join Date
    Mar 2009
    Location
    Central Texas
    Posts
    16
    Quote Originally Posted by mrs reb77 View Post
    I think what Mr. Bill was getting at is that if you don't have a $1500.00 tax liability at the end of the year you won't be getting $1500.00 back. It is a non-refundable tax credit (not a rebate) and as such, cannot take your tax liability below zero (give you more back as a refund then you originally paid in taxes).
    For those low on income or on a fixed income that may not pay any taxes at all, there is absolutely no value. Also, to receive the full credit (if you qualify) you must be spending a minimum of $5000.00--the credit is 30% of the total up to $5,000 for the maximum credit of $1500.00

    Say you generally get a tax refund. If the remainder of taxes that you paid in (and didn't get refunded at tax return time) is $500.00 then the largest credit you can take against it would be $500.00
    Honestly, I may be more confused than ever on this thing now. Lets say we get a $5k refund next year, but pay considerably more in Fed income taxes. As long as we pay at least $6500 in fed taxes during the year, we'd get the whole $1500 back? Is that right?

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