Solar panel deduction for 2019

Forum|Forum|6 years ago
January 23, 2020
8 replies
51 views

If I am using the standard deduction of $12,200, filing as a single person, Can I still get my solar panel 30% creation my taxes?

DlarisAuthor

Level 2

This was supposed to read..

If I am using the standard deduction of $12,200, filing as a single person, Can I still get my solar panel 30% credit my taxes?

Sorry for the typo.

emerle22

Level 2

I had solar panels installed last year, can I deduct any of the amount I paid monthly?

KarenJ2

Level 13

If the monthly payments were for the solar panel installation then you can include the payments as part of your cost.

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SteamTrain

Level 15

Yes...the "credit" is independent of your Income deductions.

Whether you can use the Credit or not depends on whether you end up with a tax liability after you put in all your income....or not. Any unused credit will carry-forward to next year, but you have to attempt to use it this year.

Since there were late 2019 changes to the tax laws involved with solar and Home Energy credits, the TTX forms for claiming those are not ready yet. Work on everything else, then come back in a few weeks to enter your solar installation $$ on the Deductions & Credits page .. ("Expected" date to be ready is 29 Jan...but that could change...wait a week longer before attempting to enter yours )

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*