This article will assist you with generating Form 8908, Energy Efficient Home Credit, in the Individual module of Lacerte.
What's new for Form 8908 for tax year 2023:
- Credit increase and modification. The Inflation Reduction Act of 2022 increased and modified the credit for certain homes sold or leased after 2022.
What is Form 8908?
Form 8908, Energy Efficient Home Credit, allows eligible contractors to claim a credit for each qualified energy efficient home sold or leased to another person during the tax year for use as a residence. The credit is based on the energy saving requirements of the home and is part of the general business credit (Form 3800).
See the IRS Instructions for Form 8908 for more information.
To generate the Energy Efficient Home Credit (8908):
- Go to Screen 34, General Business & Vehicle Credits.
- Enter the Name of activity.
- Select the applicable Form (Ctrl+T) from the dropdown menu.
- Select the Activity name or number (Ctrl+T) from the dropdown menu.
- From the Sections list, select Energy Efficent Home Credit (8908).
- Enter the Number of energy efficient homes sold during the tax year.
- Enter the number of energy efficient homes substantially completed and sold or leased during the year, for use as a residence. The homes must meet the 50% energy efficient standard. The program carries the entry to Form 8908, line 1a. The allowable credit per home is $2,000.
- Enter the Number of energy efficient manufactured homes sold during the tax year.
- Enter the number of energy efficient homes substantially completed and sold or leased during the year, for use as a residence. The homes must meet the 50% energy efficient standard. The program carries the entry to Form 8908, line 1a. The allowable credit per home is $2,000.
How do I generate this credit if I received a partnership K-1 showing it?
- Go to Screen 20, Passthrough K-1's.
- Scroll down to the Line 15 - Credits and Withholding section.
- For the K-1 Code, choose P15 - Energy efficient home credit.
- Enter the Amount of Credit.
