I had solar panels installed in my home last year. In my total cost do I include the total financed before the interest or after interest?
My other question the tax credit is 30 percent of the costs for assembly, preparation, and installation. My question is if I do not have any tax liability can it be carried over and used in the upcoming years. My cost is $30,393. 30% is $9118.00. My tax credit is $1523.00. Can I carryover the remaining $7595.00 to next few years until I receive all my Credits?
Thank you
Noel
You'll need to sign in or create an account to connect with an expert.
Yes, according the the instructions for Form 5695, Residential Energy Credit:
If you can't use all of the credit because of the tax liability limit (that is, line 14 is less than line 13), you can carry the unused portion of the credit to 2020..
You should not include the cost of financing the solar panels in the solar panel cost entered in your tax return. So only include the total before interest.
[Edited 03.18.20 | 11:01 ]
Yes, according the the instructions for Form 5695, Residential Energy Credit:
If you can't use all of the credit because of the tax liability limit (that is, line 14 is less than line 13), you can carry the unused portion of the credit to 2020..
You should not include the cost of financing the solar panels in the solar panel cost entered in your tax return. So only include the total before interest.
[Edited 03.18.20 | 11:01 ]
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
aerdengi
New Member
frank790628
Level 1
kenpre93
New Member
upsdixon
New Member
timjelle32-gmail
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.