Hi,
Here is the situation: In the year 2014, we installed a solar panel system on the roof of the home we lived in for say $20k. In the year 2022, we started renting the home out.
1. Can I depreciate / deduct the solar system now that it is a part of the rental property?
2. Assuming the answer is a yes, can I do that even though I got 30% tax credit for the system in ~year 2014?
3. If I cannot depreciate / deduct, is there a way I can reduce my rental income since the system is depreciating indeed with time
4. ASIDE: For a home when it is made a rental property, is there a way to depreciate the home value?
Basically, I am looking for ways to legally minimize my taxes
Thanks!
