topic Can I use an unused 2017 Energy Credit in 2020? in Deductions & credits

Can I use an unused 2017 Energy Credit in 2020?

tbarker58 — Tue, 05 Jan 2021 06:23:53 GMT

Can I use a 2017 new home energy credit (that I was not aware of that year) on my 2020 return or do I need to file an amended 2017 return?

NOTE: this for a property owned by an LLC which gives me a K1 for my personal return.

If I have to file an amended 2017 return then do I need to amend the 2018 and 2019 returns?

Re: Can I use an unused 2017 Energy Credit in 2020?

ee-ea — Tue, 05 Jan 2021 07:23:09 GMT

If credit is on a 2017 K1 it has to go into the 2017 return. Amend 2017 and if the credit is not used up in 2017 amend 2018 with the credit carry forward .

Re: Can I use an unused 2017 Energy Credit in 2020?

Opus 17 — Tue, 05 Jan 2021 14:00:21 GMT

Credits must be claimed in the year the expense occurs. That would mean amending both your 2017 returns.

Also, if a multi-member LLC owns a home, I'm not sure you are eligible for the energy efficient improvement questions for your personal home. You would have to double-check the rules. If the LLC is a homebuilder and built an efficient home, there are different credits that might be available.

Re: Can I use an unused 2017 Energy Credit in 2020?

tbarker58 — Tue, 05 Jan 2021 14:39:36 GMT

First - I appreciate your quick reply.

Per this blog I think we qualify since these were newly built specifically for us:

https://www.walkerreid.com/faqs-about-the-45l-tax-credit/

My question was the 2017 vs 2020 issue and it looks like 2017 is the answer.

Thanks again,

Terry

Re: Can I use an unused 2017 Energy Credit in 2020?

tbarker58 — Tue, 05 Jan 2021 14:40:59 GMT

Thanks for the quick reply. Looks like I'll have to amend the 2017 form 1065, then the 2017 1040.

-Terry