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Deductions & credits
I don't want to step on toes here but yes you can depreciate a residential solar array. It falls under MACRS that businesses use but it's for a personal residence. You will have to go through a CPA that is licensed for it, but the 87% depreciation can be taken on a residence. So take the cost of your system $100,000 times .87 and you will get the depreciation value. In this case $87,000, then find what percentage tax bracket you are in 26% is common and multiply it out. $87,000 X's .26 = $22,620 in taxes not paid. Might want to amend your taxes.
May 13, 2021
2:40 PM