We installed a new 4 ton unit, a 95% energy efficient furnace and a Low Global Warming Potential Heat Pump. The installer included the cost of parts, installation, and the units in one price. Do I need to call them and ask them to break it down by unit as it is divided up in Turbo Tax?
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Yes, you should get a price breakdown because if your installer billed you $15,000 for the whole job and you put that entire amount into the "Heat Pump" section of TurboTax, the software will stop giving you a credit once you hit the $2,000 heat pump limit. However, if you have a separate line item for that 95% efficient furnace, you can unlock an additional $600 credit for that unit.
If your installer won't give you a breakdown (or is slow to respond), you are allowed to make a "reasonable allocation" of the total price.
Yes, you should get a price breakdown because if your installer billed you $15,000 for the whole job and you put that entire amount into the "Heat Pump" section of TurboTax, the software will stop giving you a credit once you hit the $2,000 heat pump limit. However, if you have a separate line item for that 95% efficient furnace, you can unlock an additional $600 credit for that unit.
If your installer won't give you a breakdown (or is slow to respond), you are allowed to make a "reasonable allocation" of the total price.
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