The $600 interest for Solar panels is deductible, but that alone will not be enough to be greater than the standard deduction. You must choose between the $600 Itemized deduction and the $12,900 standard deduction. If you post all of your itemized deductions, TurboTax will determine which will work best for you.
However, you may be entitled to a tax credit for the solar panels installed. Current federal tax credits for certain energy-efficient improvements to existing homes have been extended through December 31, 2022.
To take advantage of the Energy Credit, go to:
- Deductions & Credits
- Scroll to Your Home
- Select Home Energy Credits
- Follow the interview.
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