Solar Attic Fan

Forum|Forum|6 years ago
April 9, 2020
2 replies
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I am being told I get a 30% tax credit for the Solar Attic Fan we had installed and I can not figure out how to do this.

The Federal tax credit for solar attic fans has been extended through 2021. The Solar Powered Attic Fan is eligible for a 30% (up to $1,500) credit on the purchase price of the fan, installation and sales tax.

Not A Product Question

Best answer by CatinaT1

thank you. Not sure what that means tho

You do get the the 30% credit, but if the amount of the credit is more than your tax liability, you will not get to take the entire credit in the first year.

So if your credit is $1500, but your tax liability is only $500, you only get to take $500 of the $1500 this year and carry over the remaining $1000 to future years.

DawnC

Level 15

If you made energy-efficient improvements to your home like energy-saving roofs, windows, skylights, and doors, you'll be able to claim the Nonbusiness Energy Property Credit for 10% of amounts paid for qualified energy efficiency improvements, up to a lifetime cap of $500 or fixed dollar amounts ranging from $50 to $300 for the energy-efficient property, including furnaces, boilers, biomass stoves, heat pumps, water heaters, central air conditioners, and circulating fans.

Manufacturers must certify that their products meet new standards and they must provide a written statement to the taxpayer such as with the product packaging or in a printable format on the manufacturer’s website. Taxpayers should keep a copy of the manufacturer’s certification statement and receipts with their other important tax records.

Related Information:

Where do I enter qualified energy-saving improvements?

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thing68Author

Level 2

Thank you. I am confused to this as the company who installed it said we get a 30% tax credit not a fixed amount and so does everything else I read. Sadly there is no phone help via the IRS. I guess we lose out.

CatinaT1

Level 15

The tax credit for solar panel is non-refundable.

This means it is limited to your tax liability.

If you end up with a bigger credit than you have income tax due—a $3,000 credit on a $2,500 tax bill, for instance—you can't use the credit to get money back from the IRS..
Instead, generally, you can carry the credit over to the following tax year.
However, it is not yet clear whether you can carry unused credits to years after the solar credit expires.

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Savage 1

Level 2

I was wondering where you enter it in TurboTax.

The only spots I have to enter are exterior doors exterior windows, metal or asphalt roof insulation material or system, energy efficient building property, advance main air circulatory fan used in natural gas propane or oil and furnace, and hot water boiler is powered by natural gas propane or oil

DoninGA

Level 15

@Savage 1 wrote:

I was wondering where you enter it in TurboTax.

The only spots I have to enter are exterior doors exterior windows, metal or asphalt roof insulation material or system, energy efficient building property, advance main air circulatory fan used in natural gas propane or oil and furnace, and hot water boiler is powered by natural gas propane or oil

Continue past that TurboTax page and you will come to the page to enter your Solar system costs.