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For energy-saving home improvements, Turbo Tax says not to include labor costs. Our contractors did not break down the invoice into labor & materials. What do I do?
We made several energy-saving improvements to our home last year including a new roof, windows, insulation, and furnace. Turbo Tax instructs, "...don't include labor costs for help you received with assembly, preparation or installation - enter just the cost of the product."
Here is my dilemma. None of the invoices from the contractors we hired give any sort of breakdown of costs that separates out materials from labor. How do I know then what amount to enter into Turbo Tax if I can't get that information from the contractors?
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For energy-saving home improvements, Turbo Tax says not to include labor costs. Our contractors did not break down the invoice into labor & materials. What do I do?
If you are audited, the IRS will only give you credit for anything that you can actually prove. If you can't get a detailed breakdown, then you will be taking a risk of audit if you make a guess. But, most taxpayers are never audited.
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