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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Rental Solar Energy Credits
Rental Solar Energy Credits
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11Buster
Level 4
10-08-2020
05:00 PM
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Taxpayer installs solar panels on a rental property and allowed to take a credit under code section 48. Credit then is limited under the passive actively credit rules. Taxpayer moves into the property as principal residence. She can only take the carryover unallowed credits if a) she sells the property or b) re-rents the property in the future and has income from it, correct? However , I remember reading something in about recapture of any credit at time of conversion to principal residence....
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11Buster
Level 4
10-09-2020
03:22 PM
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Actually, I can answer for own question after further research. The issue before determining any deduction, in this case, is whether there is recapture of any credits taken previously, basically if the property is sold or changes character (rental>personal usage) within 5 years of the year the credit originated).
