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I have a client who claims the solar panel company told her she can receive up to $11,000 dollars back
through her refund for adding solar panels to her new home. The taxpayer is a first-time homebuyer and received an FHA loan. Is there an article in that I can show my client the actual credit? She is a new client and I want to make sure to give her the right information.
Best Answer Click here
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In addition, if they are only making payments are they able to write off the whole amount at one time.
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The IRS knows:
https://www.irs.gov/instructions/i5695
TurboTax knows:
https://turbotax.intuit.com/tax-tips/going-green/federal-tax-credit-for-solar-energy/L7s9ZiB4D
Often, the installer does not know. They know nothing about your client's finances, typically.
Don't yell at us; we're volunteers
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I found another article that might be helpful to your client:
https://www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics
Don't yell at us; we're volunteers
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Awesome, Thank you
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Those solar salespeople will say anything to make sale.
If client purchased and financed it, it still qualifies. If they are leasing it, then it does not.
The more I know the more I don’t know.
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But not your clients, right? Because they always call you first before making tax-related decisions.
Solar is a worthy cause, but a $30,000 system is priced at $40,000 as soon as a $10,000 tax credit is offered. I just had a client who bought one and then converted a chunk of IRA money to a Roth, so that his tax liability would use up the credit. Not something I would have suggested, but in this particular case I wouldn't condemn it. Then there is the client with a $6,000 carryover credit and no taxable income for the rest of her retirement life.
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"Then there is the client with a $6,000 carryover credit and no taxable income for the rest of her retirement life. "
I've got one of those, too.
The more I know the more I don’t know.
