The IRS detailed what energy-efficiency home and property improvements qualify for favorable tax treatment in new FAQs released Wednesday.
The update, Fact Sheet 2024-19, said the value of amounts received from the Department of Energy home energy rebate programs funded through the so-called Inflation Reduction Act of 2022 aren’t to be reported as income but rather will be treated as a reduction in the purchase price or cost of property for eligible upgrades and projects, the IRS said in a release.
Taxpayers who receive rebates for the purchase of energy-efficient homes typically won’t include the value of those rebates as ...
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