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Level 2

Question

For the Energy Efficient section of the tax credit; for solar electric costs, what amount am I entering here? The cost of the solar or what I paid monthly?

Forum|Forum|3 years ago
January 30, 2023
1 reply
0 views

The question isn't clear on TT and the IRS form 5695. Qualified solar electric property costs. Is this the total cost of the system which hasn't been paid in full and is on loan or is this the total I have paid monthly in lieu of electric?

TurboTax Deluxe Online

Level 15

If you are entering information to claim the tax credit for installing solar energy property, then you would enter the total cost of the system.

When the loan was executed, the total cost of the system was deemed to have been paid in full regardless of whether you have paid off the loan or not.

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jmcolmenares09Author

Level 2

Thank you for this clarification.

Would it be the same case year after year? This is a new install so when I file next year would I continue putting the same cost information? Or is this only once I can claim?

Level 15

You only claim it once, for the full amount of the cost. You would not enter it again for the next year.

@jmcolmenares09

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