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Can i use the cost of the tools purchased for the solar investment tax credit as ai Insalled the system myself
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June 6, 2019
4:41 AM
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State tax filing
The following is an extract form the IRS instructions for form 5695, which can be read in its entirety at this link:
https://www.irs.gov/pub/irs-pdf/i5695.pdf
You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property,
small wind energy property, geothermal heat pump property, and fuel cell property. Include any labor costs properly allocable to the onsite preparation, assembly, or original installation of the residential energy efficient property and for piping or wiring to interconnect such property to the home.
Although the IRS allows labor costs to be included, unfortunately they do not allow the costs of tools to be included. Also if you did the installation yourself, you cannot claim the costs of your own labor.
Although the IRS allows labor costs to be included, unfortunately they do not allow the costs of tools to be included. Also if you did the installation yourself, you cannot claim the costs of your own labor.
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June 6, 2019
4:41 AM
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State tax filing
What is the basis for this comment? What leads you to believe that your own labor costs are not allowable as part of the credit? I have a quote for the same system with labor and parts, but I did it myself. Isn't that good enough to qualify for claiming labor costs?
June 6, 2019
4:41 AM