I have a client who claims the solar panel company told her she can receive up to $11,000 dollars back
through her refund for adding solar panels to her new home. The taxpayer is a first-time homebuyer and received an FHA loan. Is there an article in that I can show my client the actual credit? She is a new client and I want to make sure to give her the right information.
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I found another article that might be helpful to your client:
https://www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics
In addition, if they are only making payments are they able to write off the whole amount at one time.
The IRS knows:
https://www.irs.gov/instructions/i5695
TurboTax knows:
https://turbotax.intuit.com/tax-tips/going-green/federal-tax-credit-for-solar-energy/L7s9ZiB4D
Often, the installer does not know. They know nothing about your client's finances, typically.
I found another article that might be helpful to your client:
https://www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics
Awesome, Thank you
Those solar salespeople will say anything to make sale.
If client purchased and financed it, it still qualifies. If they are leasing it, then it does not.
But not your clients, right? Because they always call you first before making tax-related decisions.
Solar is a worthy cause, but a $30,000 system is priced at $40,000 as soon as a $10,000 tax credit is offered. I just had a client who bought one and then converted a chunk of IRA money to a Roth, so that his tax liability would use up the credit. Not something I would have suggested, but in this particular case I wouldn't condemn it. Then there is the client with a $6,000 carryover credit and no taxable income for the rest of her retirement life.
"Then there is the client with a $6,000 carryover credit and no taxable income for the rest of her retirement life. "
I've got one of those, too.
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