We invested in a 8.0 KW solar system on the roof of our primary residence. We also contracted for a new efficient HVAC system for our primary residence at the same time with the same company that installed out solar system. Both improvements were performed under one contract totaling just over $29K. How do I handle the tax credits? Thanks
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In order to have an accurate figure of the cost of the solar system and the HVAC, you will need to find out the cost for each one. The credit for the solar energy is 26% of the cost of the system and you will need to find out the amount paid for that to have the credit calculated correctly. This may be on an estimate, or you may need to contact the company that installed the improvements.
These credits are reported on Form 5695. The HVAC system is considered an energy efficient building property. If you have taken any energy efficient credits in the past, the amount available for the HVAC system may be limited, but the credit for the solar panels will not be affected.
Here are some screenshots on entering the information in TurboTax Desktop. These will be entered in the Deductions & Credit section.
Thanks, that's pretty much what I was thinking.
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