Thanks for the reply, can you please confirm that my acquisition would be viewed as a 2022 purchase regardless of when the windows are installed? I'd previously received another reply which seems to indicate otherwise:
Most tax payers are cash basis. This means you incur a deductible expense when it is paid and not based on a promise (credit).
- VincentL (Employee Tax & Finance Expert)
It's my understanding that this is critical because (I believe) the $600 credit is not available on a second/vacation home until 2023.
So if in fact my acquisition must be treated as a 2022 transaction,
- regardless of the installation date, and
- regardless of when I make the balloon payment,
I won't qualify for the $600 credit.
Do I understand the situation correctly?
