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Get your taxes done using TurboTax
@Benwestbrook09 wrote:
How do they define someone who “Pays” for the system to qualify for the tax credit for solar? In other words would I have to be on the agreements for the solar loan? Or just because I will be contributing to pay for it I will qualify?
The tax code is not specific. In this case, if audited, you need proof that would satisfy the auditor. At a minimum, I suggest you write a separate check for your share of the cost payable directly to the installer. Even better, get a split contract. If you contribute funds to the co-owner's generic bank account, an auditor could look at that and say there was no proof that the funds were used to pay for the solar system instead of being a gift or paying the other person's other living expenses.
November 30, 2022
11:46 AM
2,036 Views