I'm buying into a community solar farm. The final payment will be in June 2024 when the farm becomes operational. How do I claim the energy tax credit for this purchase?
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To clarify, what business model will the farm be?
Partnership?
C-Corp
something else?
Inc.
I'm not really sure how to answer your question about business model. The developer and manager of the farm is Revision Energy Inc., South Portland ME
If it is taxed as a regular corporation ("C" corporation) then the corporation would take any energy credit on the corporate tax return. If it is a small business corporation ("S" corporation), any credit you would be entitled to would be reflected on the schedule K-1 you would receive from the company each year. You would enter that into TurboTax to report your share of company income, deductions and credits.
It's an LLC. Does that help clarify?
To clarify, Single-member LLC or multi-membered?
Multi member
there are approximately 180 individual owners, all members of the LLC
Still there? It's been 15 minutes since I answered your clarifying question. Can you give me a response?
If this is a C-Corp, then the Corp will claim the credit on its corporate return as ThomasM125 has already stated. If it is an S-Corp, you will be issued a K-1 for your share of the credit. Since you mention it is an Inc, it could be either one or the other.
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