Solar panel investment.

briandsmith · ‎April 6, 2023

I filed for a Federal Investment tax credit this year since I invested in solar panels. The company I am working with says I can also file for a Modified Accelerated Cost Recovery System (MACRS) deduction. Can you comment and if it is possible, how do I input it into TT, please?

RobertB4444 · ‎April 6, 2023

A MACRS deduction is a type of depreciation deduction that you can take if the solar panels you bought were a business investment. If they were for your personal home you can't depreciate them. If they were for your business then it would be an asset that you would depreciate over time.

@briandsmith

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