27 Jan Our co-op bought new windows. Can we get a tax break?
Q. Our co-op building purchased energy efficient windows for the entire building. Each shareholder is being charged for the purchase of these replacement windows. Can each shareholder receive a tax credit for the purchase of the energy efficient replacement windows? If so, what type of receipt would the management company need to provide us?
A. Baby, it’s cold outside.
It must be nice to have new windows.
We hope they keep you warm and also save you money on your energy bills.
We’re also glad to hear you’re planning for your tax return.
Each shareholder should be entitled to a tax credit for the replacement windows, said T. Matthew Wolfe, an attorney in the wills, trusts & estates and taxation practice groups at Einhorn, Barbarito, Frost & Botwinick in Denville.
“The yearly IRS Form-1098 that is sent out by the co-op should include any applicable tax credits,” he said.
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This story was originally published on Jan. 27, 2023.
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