solar interest

Forum|Forum|4 years ago
March 31, 2022
1 reply
7 views

Can I deduct solar interest payments. it was not a home equity.

ProSeries Professional

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J

jeffmcpa2010

Level 10

Double check the loan paperwork, all the banks in my area loaning on solar are filing a lien (mortgage) on the property.

qbteachmt

Level 15

A lien on the property is not Debt; it's secured against financial removal of real property when that owner owes someone for something that can be attached to real property. I have put liens on property more often than I'd like, for purposes of unpaid Water bills, unpaid Architectural design; even a property Tax can be liened. At most, it is like HELOC or credit card interest.

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J

jeffmcpa2010

Level 10

@qbteachmt I was making a point, that a Debt secured by a lean on the real property for an improvement to a primary residence, "MAY" be interpreted (by some) to allow the interest to be deducted as Home Mortgage Interest. Where an unsecured debt would ( in my opinion) be clearly not deductible.

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