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