topic Federal Solar tax credit in Deductions & credits

Federal Solar tax credit

robinjoyc — Mon, 13 Jul 2020 22:16:43 GMT

Hi, I installed solar panels in 2016. I have been getting the credit in my NY state taxes but up until right now I was not aware that there was a credit for Federal. Is this new? And, could I start claiming the cost now? I have a lease agreement - no upfront cost, just the monthly payment.

Thanks!

Robin

Re: Federal Solar tax credit

AmeliesUncle — Mon, 13 Jul 2020 22:56:11 GMT

The Federal credit is only for solar equipment that you purchased. It does not apply if you are leasing it.

Re: Federal Solar tax credit

robinjoyc — Thu, 16 Jul 2020 11:07:50 GMT

Thank you... Wondering if I now buy-out my lease, could I then deduct this expense on next year's Federal return? (given the laws don't change)