For example, using solar power rather than fossil fuels to produce electricity: Tapping the sun for power offers several benefits. However, you can carry the unused portion of the credit over to the following tax year. If the credit exceeds the amount of income tax you owe, the credit can take your liability to zero, but you can't use the credit to get money back from the IRS. ![]() TurboTax Tip: You take the amount of your Residential Clean Energy Credit directly off your total tax, rather than as a deduction from your taxable income. Purchase an interest in a community solar project that is separate from your residential property, if the electricity generated is credited against, and doesn't exceed, your home’s electricity consumption.Purchase the solar system with cash or through some form of financing that isn’t a lease or an agreement to pay a solar company for electricity generated by the system.The solar equipment is new or being used for the first time (meets the original installation requirement for claiming the credit).įrom there, you’ll need to meet one of these two requirements to claim the credit:.The solar equipment must be located at a residence of yours within the United States.Your solar equipment needs to be installed between January 1, 2017, and December 31, 2034.To qualify for claiming the solar tax credit on your tax return, you’ll first need to meet some eligibility criteria: How do I qualify for the solar tax credit? Manufactured home that conforms to Federal Manufactured Home Construction and Safety Standards.To qualify for the solar credit, the energy-saving improvements need to be made to your US residence, which can include your: The tax credit doesn't apply for systems that you lease or for systems that you use to heat a swimming pool or hot tub. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |