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micropayments
Returning Member

Is the "Investment Tax Credit for Property Placed in Service in 2021" the same as the business expenses on Schedule C?

I have a Schedule C on my Federal Taxes for Business Income/Business Expenses for crypto hardware purchased/put in service in 2021.

 

I am on the State Taxes section and looking at the part where it says, "Investment Tax Credit for Property Placed in Service in 2021". Is this the same as the Business Expenses/Crypto Hardware from my Schedule C?

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1 Reply
ThomasM125
Expert Alumni

Is the "Investment Tax Credit for Property Placed in Service in 2021" the same as the business expenses on Schedule C?

No, the investment tax credit is associated with money spent on certain specific investments in rehabilitation, energy, coal projects, and gasification equipment. It would not be associated with cryptocurrency hardware.

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