Solar Panels

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I had a client come to me and say that a solar salesperson gave her the information that she would get a 67% tax credit (rather than the 30%) if she was self-employed. I can't quite come to terms with if it is a personal residence and she if she has business use of home how that would add additional tax savings? Please advise.

Lacerte Tax

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abctax55

Level 15

I would advise:

1) have that salesperson 'splain

2) have that salesperson do the return.

There's NO solar credit that has a 67% tax credit... that I'm aware of. I'd love to be wrong; I'd do solar in a heartbeat on my office building if so.

HumanKind... Be Both

T

TaxGuyBill

@abctax55 wrote:

There's NO solar credit that has a 67% tax credit... that I'm aware of. I'd love to be wrong; I'd do solar in a heartbeat on my office building if so.

The commercial/business credit (§48) starting in 2023 has some very interesting provisions, especially is 'specialized' areas (low income and certain other areas).

I haven't had a chance to decipher the details yet, but this webpage has a nice chart (look at the 2023-2033 column).

https://www.energy.gov/eere/solar/federal-solar-tax-credits-businesses

abctax55

Level 15

Bill - your link takes me to retirement contribution info....which, if I could get a 67% credit on solar might just let me retire 🤣

I'm intrigued tho to find out what I may have missed.

HumanKind... Be Both

IRonMaN

Level 15

The salesperson got fired from his used car sales job before he started his solar panel job. I heard his family had record snake oil sales back in the “Old West” days.

Slava Ukraini!