Community Forums

rarebear.nm · 12-21-2016, 05:31 PM

At least in New Mexico there has been a state tax credit in addition to the Federal credit. I have no idea if other states also have such a credit.

wnytaxman · 12-23-2016, 06:53 AM

Quote:

Originally Posted by rarebear.nm

At least in New Mexico there has been a state tax credit in addition to the Federal credit. I have no idea if other states also have such a credit.

Fred brings up a good point. Check to see if your state allows the solar credit against your state income tax. NY does have a solar credit but it only counts if the solar is on your principal residence. Other states may be more lenient on the qualifications.

If the credit or the deduction is available then we should be taking them. Everything that we have discussed so far is in regards to the federal income tax only, but a lot of us pay some pretty hefty state taxes also and if there are credits or deductions available then we should be taking advantage of them.

Ed

sweetandsour · 03-21-2017, 06:00 PM

To those of you who are taking the federal solar credit, is this a legitimate deduction. My tax preparer says the first question on the form asks if it is your primary residence and the address. Any guidance from those of you that have.

wnytaxman · 03-22-2017, 06:40 AM

Quote:

Originally Posted by sweetandsour

To those of you who are taking the federal solar credit, is this a legitimate deduction. My tax preparer says the first question on the form asks if it is your primary residence and the address. Any guidance from those of you that have.

Your tax preparer is confused regarding the solar credit. The questions in regards to primary residence are related to the fuel cell credit. He or she only needs to fill out the top part of the form 5695 which applies to the solar credit. The fuel cell credit from line 7 on down is a totally different credit.

They may be using a similar software to mine. The first question on the screen for the credit is in regards to things like windows and furnaces and so on. The solar credit can be taken on any property. Have then check out the form 5695 and they'll be able to see how the credit works.

Ed

sweetandsour · 03-22-2017, 07:40 AM

Thanks. I will pass that info on.

sweetandsour · 03-22-2017, 08:00 AM

Quote:

Originally Posted by wnytaxman

Your tax preparer is confused regarding the solar credit. The questions in regards to primary residence are related to the fuel cell credit. He or she only needs to fill out the top part of the form 5695 which applies to the solar credit. The fuel cell credit from line 7 on down is a totally different credit.

They may be using a similar software to mine. The first question on the screen for the credit is in regards to things like windows and furnaces and so on. The solar credit can be taken on any property. Have then check out the form 5695 and they'll be able to see how the credit works.

Ed

Thanks again. Called my guy and after reading him your explaination he got it. Had just misinterpreted the form.

wnytaxman · 03-22-2017, 10:38 AM

Quote:

Originally Posted by sweetandsour

Thanks again. Called my guy and after reading him your explaination he got it. Had just misinterpreted the form.

You're welcome. Glad I could help. I'm pretty much useless on anything mechanical so if I can help out fellow RVers with what I do know then I'm glad to do it. I like the idea of legally saving tax money and let's face it, we have a very expensive hobby/lifestyle!