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buckleyf
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How do I handle a downpayment on solar panels in 2019 that are not installed until 2020

 
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‎January 21, 2020 1:11 PM
last updated ‎January 21, 2020 1:11 PM
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AnnetteB6
Employee Tax Expert
Employee Tax Expert

How do I handle a downpayment on solar panels in 2019 that are not installed until 2020

According to IRS Instructions for Form 5695, "For purposes of the credit, costs are treated as being paid when the original installation of the item is completed..."

 

This means that you will claim the total cost as part of your 2020 tax return if the installation is completed during 2020.  

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‎January 21, 2020 2:45 PM
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AnnetteB6
Employee Tax Expert
Employee Tax Expert

How do I handle a downpayment on solar panels in 2019 that are not installed until 2020

According to IRS Instructions for Form 5695, "For purposes of the credit, costs are treated as being paid when the original installation of the item is completed..."

 

This means that you will claim the total cost as part of your 2020 tax return if the installation is completed during 2020.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 21, 2020 2:45 PM
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