Another reason not to like Bundle- tax questions!

[gooddecisions]

I noticed somebody posted a question under "Your Money" about whether they can file form 8908 for energy efficient home if they were their own contractor. The only response was "you need a professional tax advisor". Sigh, at least on the old MSN boards, somebody would answer first and then say consult a professional.

[Deleted]

and the answer is no for most of the items yes for a couple and if they asked here I would have searched for the irs link.

[Taxman10]

Eligible contractors may claim the credit
for new energy efficient homes that are
substantially completed after August 8,
2005, and acquired by sale or lease by
an individual from that contractor during
the tax year for use as a residence.

The 8908 is for contractors...so what is the question??

[rangerj]

That credit is one of a series of credits that add up to the "general business credit". Being your own general contractor in building a personal residence is NOT a trade or business. The credit applies to the tax a contractor has on his profit. Do you plan on reporting a profit on the completion of your home?
You should be eligible for the credit for energy efficient products, to the extent of the limit, such as doors and windows, insulation, etc, as long as the products meet the requirements.