I recently purchased solar panels that were installed on my roof in October 2019, will the 30% solar tax credit apply in my situation ?
Note the system has not yet been activated and is partially paid for waiting for the utility
also can turbo tax software handle solar credit and EV credit applications?
Thanks
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Probably not. The IRS requires that your solar panels be "placed in service" in 2019 in order to qualify for the 30% credit. While the property doesn't have to actually be used to be placed in service, it does have to be available and ready for use, which I would interpret as activated. You would need to have permission to operate your solar system before you can claim a credit.
Yes, TurboTax Online Deluxe and higher can handle both Solar and EV credits. Any version of TurboTax Desktop software can also handle these credits.
Thank you so much , what about payment of the system. does it have to be fully paid in 2019 , or as long as you made a partial payment
It doesn't have to be fully paid ... in fact many people make payments on them for years.
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