Laura_CPA
Employee Tax Expert

Self employed

Hi Tim 144, 

 

We are cash basis taxpayers, we report income and deductions in the year that we actually receive it or pay. In 2020, you were able to claim the credit for the expense of installing the solar panels. Now, if you made improvements in 2022 by adding more panels and hardware, you may claim the credit on your 2022 tax return.

 

Additionally, qualifying solar panels include: solar roofing tiles and shingles that serve both as traditional roofing and solar electric collectors qualify for the credit. Structural components such as a roof’s decking or rafters that serve only a roofing or structural function do not qualify for the credit.

 

Hope this helps you, please let us know if you have any further questions. 

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