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Federal Solar tax credit
Hi, I installed solar panels in 2016. I have been getting the credit in my NY state taxes but up until right now I was not aware that there was a credit for Federal. Is this new? And, could I start claiming the cost now? I have a lease agreement - no upfront cost, just the monthly payment.
Thanks!
Robin
July 13, 2020
3:16 PM
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Deductions & credits
The Federal credit is only for solar equipment that you purchased. It does not apply if you are leasing it.
July 13, 2020
3:56 PM
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Deductions & credits
Thank you... Wondering if I now buy-out my lease, could I then deduct this expense on next year's Federal return? (given the laws don't change)
July 16, 2020
4:07 AM