Solar 2020

Forum|Forum|3 years ago
January 30, 2023
2 replies
8 views

Solar cost $27,000

lease payment for 5 years and then taxpayer owns it. Can he do the solar credit or do you have to buy it out right?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Financing something is the same as buying it. So if hes on the hook for the debt, its the same as buying outright...Im sure lots of people have to finance something in that price range.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyBill

Level 15

As Lisa said, this "lease" is just payment plan for purchasing it.

However, your title said "2020". If it was installed in 2020, then the Solar Credit only applies on the 2020 tax return (for the full amount).

MGC94Author

Level 7

They were installed in 2018 but never put down to write off. Taxpayer is now doing 2020 and 2021 taxes so always behind

Just-Lisa-Now-

Intuit Community Champion

Thats too bad, looks like you need to amend 2018 (refunds are gone for 2018) and see if anything is left to carryover to 2019, then amend 2019 (still time for a 2019 refund to be issued). Thats a big chunk of credit to lose.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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