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Dlaris
Level 1

Solar panel deduction for 2019

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?

9 Replies
Dlaris
Level 1

Solar panel deduction for 2019

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.

 

SteamTrain
Level 15

Solar panel deduction for 2019

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.*
Dlaris
Level 1

Solar panel deduction for 2019

Thanks, that’s the answer I was hoping for. 

Pat25
Level 1

Solar panel deduction for 2019

 
JamesG1
Expert Alumni

Solar panel deduction for 2019

“The federal solar tax credit (Residential Energy Credits - Form 5965) is a tax credit, not an itemized deduction.  So, it won't be affected if you stop itemizing your deductions.”  See here.

 

“Residential energy efficient property credit. You may be able to take a credit of 30% of your costs of qualified solar electric property, qualified solar water heating property, small wind energy property, geothermal heat pump property, and fuel cell property.”

 

See IRS publication 17, page 240

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emerle22
New Member

Solar panel deduction for 2019

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

KarenJ2
Expert Alumni

Solar panel deduction for 2019

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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JJNeal73
New Member

Solar panel deduction for 2019

Where can I find IRS 5965?

DoninGA
Level 15

Solar panel deduction for 2019


@JJNeal73 wrote:

Where can I find IRS 5965?


To enter Home Energy Credits -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credit
  • Click on I'll choose what I work on (if shown)
  • Under Your Home
  • On Home Energy Credits, click the start or update button

Or enter home energy improvement in the Search box located in the upper right of the program screen. Click on Jump to home energy improvement

 

On the screen Tell Us How Much You Paid for Energy-Saving Improvements -
For HVAC, electric heat pump water heater, natural gas, propane, or oil water heater, and a stove that burns biomass fuel to heat your home or heat water. Enter the cost in the box labeled Energy-Efficient Building Property.

 

 

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