Do i qualify for the investment tax credit (ITC) when I install the solar system on my rental property in 2022 and file under my LLC?09:20 PM

Forum|Forum|4 years ago
February 2, 2022
2 replies
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I believe I do not qualify for the residential credit but heard there is another form to qualify on the commercial side.

TurboTax Live Self Employed

Best answer by AmeliesUncle

Yes, solar on nonresident property still qualifies for a credit. The ITC credit is reported on a different form (and is covered under a different tax code section), but it is almost the same as the residential credit.

I am not sure how to get there in TurboTax, but typing "3468" in the search box might be worth trying.

ColeenD3

Level 15

Maybe you are thinking of the Energy Efficient Home Credit

Eligible contractors use Form 8908 to claim a credit for each qualified energy efficient home sold or leased to another person during the tax year for use as a residence. The credit ($2,000 or $1,000) is based on the energy saving requirements of the home.

The credit is part of the general business credit.

Partnerships and S corporations must file this form to claim the credit. All other taxpayers aren’t required to complete or file this form if their only source for this credit is a partnership or an S corporation. Instead, they can report this credit directly on line 1p in Part III of Form 3800, General Business Credit.