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- Entering ITC amount in Asset Depreciation for Solar Panels purchased
Entering ITC amount in Asset Depreciation for Solar Panels purchased
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Amy_Green
Level 1
10-18-2022
12:04 PM
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I have not used this ITC function before, and can't figure out how to enter this to get it to calculate correctly. From what I have read we should be getting a 30% tax credit, but have to reduce the cost basis by 1/2 of the tax credit. Meaning if our cost was 300K we could only depreciate 255K. Do I just have to manually enter the cost basis as 255K instead of 300K?
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