https://www.journalofaccountancy.com/ne ... -says.html
It reads to me that the IRS has identified that two specific home energy rebate programs won't be considered taxable income for recipients.
The clarification applies to rebates offered by: (1) The Consolidated Appropriations Act, 2023 (CAA): This act provided rebates for energy-efficient home improvements such as insulation, doors, and windows. (2) The Inflation Reduction Act of 2022 (IRA): This act offers rebates for homeowners who purchase qualifying energy-efficient appliances.
It looks as though these rebates are designed to offset the cost of energy-efficient upgrades, and the IRS considers them tax-free.
Is that right ?
It reads to me that the IRS has identified that two specific home energy rebate programs won't be considered taxable income for recipients.
The clarification applies to rebates offered by: (1) The Consolidated Appropriations Act, 2023 (CAA): This act provided rebates for energy-efficient home improvements such as insulation, doors, and windows. (2) The Inflation Reduction Act of 2022 (IRA): This act offers rebates for homeowners who purchase qualifying energy-efficient appliances.
It looks as though these rebates are designed to offset the cost of energy-efficient upgrades, and the IRS considers them tax-free.
Is that right ?
Statistics: Posted by Kumsajack — Tue Apr 09, 2024 1:51 pm — Replies 0 — Views 50