 |
Solar system tax deductions?
01-02-2023, 01:24 PM
|
#1
|
|
Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
|
Solar system tax deductions?
Hello
I installed a solar system in 2022.
Paid ~30% of the total cost and will pay in full this year.
Question - can I deduct the full cost in the 2022 tax filing?
Thx
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
01-02-2023, 02:54 PM
|
#2
|
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
|
Depends. Which galaxy is it in?
Sorry, just couldn't resist. 
__________________
I thought growing old would take longer.
|
|
|
|
|
01-02-2023, 03:09 PM
|
#3
|
|
Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
|
 Quote:
Originally Posted by braumeister
Depends. Which galaxy is it in?
Sorry, just couldn't resist. |
Galaxy name is California 
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
|
|
|
|
|
01-02-2023, 03:52 PM
|
#4
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
|
I think it is tied to the year you actually spend the $$. I know that you can carry the deduction forward as a credit, but not sure for how long.
Why can't you file for the credit next year too?
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
|
|
|
|
|
01-02-2023, 03:55 PM
|
#5
|
|
Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
|
Quote:
Originally Posted by skyking1
I think it is tied to the year you actually spend the $$. I know that you can carry the deduction forward as a credit, but not sure for how long.
Why can't you file for the credit next year too?
|
I’m not saying I can’t just trying to understand this better
Thx!
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
|
|
|
|
|
01-02-2023, 03:58 PM
|
#6
|
|
Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,731
|
Quote:
Originally Posted by wanaberetiree
I’m not saying I can’t just trying to understand this better
Thx!
|
What do the California and Federal energy tax credit rules say about your situation?
__________________
*********Go Yankees!*********
|
|
|
|
|
01-02-2023, 03:59 PM
|
#7
|
|
Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
|
No clue 
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
|
|
|
|
|
01-02-2023, 04:04 PM
|
#8
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
|
A solar system deduction?!?!?
That makes Mr. Musk a two time winner. Once for selling you a photovoltaic system for your house. And the second time for selling you a ticket to Mars.
I am in the process of possibly adding a more efficient heat-pump mini unit to my home. So I am interested in the answer.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
|
|
|
|
|
01-02-2023, 04:50 PM
|
#9
|
|
Full time employment: Posting here.
Join Date: Dec 2017
Posts: 943
|
Quote:
Originally Posted by skyking1
I think it is tied to the year you actually spend the $$. I know that you can carry the deduction forward as a credit, but not sure for how long.
Why can't you file for the credit next year too?
|
The tax credit can be carried forward for up to 5 years. So, if you have a $5000 credit, you can use $2000 of it this year, and $3000 next year.
In my case, I plan on carrying the tax credit forward for 2 or 3 years before I use it.
__________________
FIREd at 59.5 on 2019-01-18
|
|
|
|
|
01-02-2023, 04:53 PM
|
#10
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
|
Quote:
Originally Posted by Chuckanut
A solar system deduction?!?!?
That makes Mr. Musk a two time winner. Once for selling you a photovoltaic system for your house. And the second time for selling you a ticket to Mars.
I am in the process of possibly adding a more efficient heat-pump mini unit to my home. So I am interested in the answer.
|
The energy star page has a good summary for your case.
https://www.energystar.gov/about/fed...rce_heat_pumps
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
|
|
|
|
|
01-02-2023, 04:53 PM
|
#11
|
|
Moderator
Join Date: Nov 2015
Posts: 13,920
|
|
|
|
|
|
01-02-2023, 04:54 PM
|
#12
|
|
Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
|
Quote:
Originally Posted by camfused
The tax credit can be carried forward for up to 5 years. So, if you have a $5000 credit, you can use $2000 of it this year, and $3000 next year.
In my case, I plan on carrying the tax credit forward for 2 or 3 years before I use it.
|
Ok sounds good 👌
But can I claim full credit instead of carrying forward if I paid it in two years.
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
Linear Mode
