buelfarm
Level 4
12-07-2019
03:18 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Specifically need to know if Depreciable basis is calculated net of 30% Solar Credit.
Best Answer Click here
Labels
buelfarm
Level 4
12-07-2019
03:18 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Two other related questions: Read about ITC on Fed & NYS ... will asset be depreciated net of those credits also? Not taking Section 179, obviously... then, what Type of Asset & Asset Life? Read 5 years, but don't know?
sjrcpa
Level 15
12-07-2019
03:18 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
OP follow up question here https://accountants-community.intuit.com/questions/1822861-commercial-solar-panels-depreciated-net-o...
The more I know the more I don’t know.
The more I know the more I don’t know.
TaxGuyBill
Level 15
12-07-2019
03:18 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes, the credit reduces Basis, which would put the Basis at $28,000.
Bry
Level 3
01-14-2020
02:59 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I don't believe this answer is correct.
https://www.irs.gov/pub/irs-pdf/i3468.pdf
"You must reduce the basis of energy property by 50% of the energy credit determined." So the basis would only be reduced by $6,000.
