Solar Panels

[wallaka]

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.

[abctax55]

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.

[IRonMaN]

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.

[abctax55]

If not used car, then annuities or reverse mortgage salesman?

[pamdory]

Yes, solar sales reps are the newest batch of unqualified tax advisors.  I've had clients in two different states tell me their solar sales rep told them they could take the tax credit in the year that they signed the contract.  Ummm no, you'll get it once the system is placed in service.  Ironically, these two got a higher credit because the 30% credit was reinstated.

[TaxGuyBill]

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@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.

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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

[George4Tacks]

https://www.justice.gov/usao-wdwa/pr/arizona-man-pleads-guilty-solar-power-tax-fraud-scheme

This one may be next in line for prosecution https://www.sunisticsgroup.com/tax-season-2023?gclid=CjwKCAjwsvujBhAXEiwA_UXnABa4JFPXJptObRZt28cgb3x...

[abctax55]

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.

[TaxGuyBill]

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@abctax55 wrote:

Bill - your link takes me to retirement contribution info...

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That is so bizarre.  I had originally pasted the retirement link (it was for another post), but before I actually submitted the post I deleted it and copy-and-pasted the correct link.  Apparently this forum still liked the original link I entered.

Hopefully this one works:

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

[IRonMaN]

Solarpanelsalesmen

This is a more helpful link for today.