Business Tax Credit

Forum|Forum|4 years ago
March 15, 2022
2 replies
20 views

Is there a tax credit for installing solar panels on a rental single family unit? If so, where do I enter that information so that it links back to the Sch E. If not, how would I depreciate it and for how long. THX..

ProSeries Basic

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Best answer by Jim-from-Ohio

try this info:

https://turbotax.intuit.com/tax-tips/going-green/federal-tax-credit-for-solar-energy/L7s9ZiB4D

Jim-from-Ohio

Answer

Intuit Community Champion

try this info:

https://turbotax.intuit.com/tax-tips/going-green/federal-tax-credit-for-solar-energy/L7s9ZiB4D

C

COSkiBumAuthor

Level 3

Thank you Jim from Ohio.

T

TaxGuyBill

Level 15

@COSkiBum wrote:

Thank you Jim from Ohio.

I don't think that link that Jim gave you had ANY pertinent information to your question.

T

TaxGuyBill

Level 15

Yes. Form 3468.

There is no need to link it to Schedule E.

It is depreciated over 5 years. The credit reduces the depreciable Basis BUT ... I have stuck in my mind that only 50% of the credit reduces Basis. However, it is possible I am mixing that 50% part up with a different credit.

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