Hi all.
Any quick answers about how the ITC tax credit deals with loans on a solar
system?
Thanks
Jay
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Can anyone clear up for me if the ITC applies to replacement parts?
In this case batteries, I’m pretty sure no, but Im not totally sure.
Thanks
jay
Peltz Power
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I would tell them to do it! I have heard people say that it could be
interpreted differently. I know of at least 100 of my offgrid clients have
claimed the credit and none have been audited since 2005. None before that
also
Dave Angelini Offgrid Solar
"we go where powerlines don't"
Dear Wise Wrenches,
We have a client who installed a GT system with us in 2015. They now want to
install another system on the same house. Will they still qualify for the 30%
ITC? Or is that a one time only thing?
Thanks a Ton!
Andrew KoyaanisqatsiPresidentSolar Energy Solutions, Inc.
The
I recently researched just this question, and from what I could gather
from the SEIA website and some other online references which I'm not
certain were up-to-date information, the residential tax credit can only
be rolled forward 1 year, which is very different than what I had read in
the past,
] On Behalf
Of Kristopher Schmid
Sent: Friday, March 27, 2015 11:15 AM
To: RE-wrenches
Subject: [RE-wrenches] ITC
I have been told by a client who was told by his tax advisor that the 30% tax
credit does not apply to self employment tax. Can anyone confirm or deny this
assertion?
--
Shine
-boun...@lists.re-wrenches.org] *On
Behalf Of *Kristopher Schmid
*Sent:* Friday, March 27, 2015 11:15 AM
*To:* RE-wrenches
*Subject:* [RE-wrenches] ITC
I have been told by a client who was told by his tax advisor that the 30%
tax credit does not apply to self employment tax. Can anyone
Yes, I agree with Kris. The tax credit is applied as a deduction to line 44
tax (on taxable income) but the self-employment tax is then added on line
56. But the same is true of all other deductions, exemptions, and credits
too.
And it doesn't change the fact that if someone has no taxable
I have been told by a client who was told by his tax advisor that the 30%
tax credit does not apply to self employment tax. Can anyone confirm or
deny this assertion?
--
Shine On!
Kris Schmid
Legacy Solar, LLC
864 Clam Falls Trail
Frederic, WI 54837
www.legacysolar.com
715-653-4295
NABCEP
Kris:
I'm not a tax professional. Just a self employed business owner who
does his own taxes.
Your post states "...that the 30% tax credit does not apply to
self employment tax."
1. Personal Residence
Is the person involved filing a personal
Kris,
Yes that is correct. If you look on the tax form 1040 itself, the logic
proves that.
Thanks
On Fri, Mar 27, 2015 at 9:15 AM, Kristopher Schmid sol...@legacysolar.com
wrote:
I have been told by a client who was told by his tax advisor that the 30%
tax credit does not apply to self
Self employment tax is not income tax. It goes toward social security and
medicare. Nobody can take the ITC against these taxes. No big deal...
http://www.irs.gov/Businesses/Small-Businesses--Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes
Jason Szumlanski
Florida Solar
On 3/27/15 1:04 PM, Gary Willett wrote:
but if a business owned PV system is involved, and does not
involve a personal 1040 tax return /_or a residential PV system, the
30% residential energy credit does not apply_/ - the Form 3468
investment tax credit is used.
Regards,
Gary Willett
Hi Wrenches,
Since we’re on the topic of the ITC, I have another question someone might
be able to help with. Assuming that a system is placed into service prior
to the end of 2016, it should qualify for the 30% tax credit. Some people
do not have enough tax liability to take the whole credit
It's totally OK to apply for an offgrid Fed ITC. Some state (like OR) will even
give you a State ITC for offgrid. However, I did have an offgrid client a few
years back who's ITC was questioned. The IRS wanted to know if the PVs were for
real (Mitsubishi just makes cars and TVs, right?) and
Does anyone know for certain if a homeowner can qualify for the 30% federal
solar tax credit (ITC) if the PV is used for direct water pumping out of a well
used for irrigation? To be more specific, there are two wells that will be
solarized. One well will provide irrigation water to livestock
Eric,
My understanding is that it's a residential credit and thus has to
be used for a residence, although it's not limited to a primary
residence. So in that case, no, an irrigation pump would not be
allowed.
By the way, solar water pumping is specifically
: Wednesday, October 29, 2014 5:13 PM
To: RE-wrenches
Subject: [RE-wrenches] ITC for solar water pumping on a ranch
Does anyone know for certain if a homeowner can qualify for the 30% federal
solar tax credit (ITC) if the PV is used for direct water pumping out of a
well used for irrigation
Reading the code they removed the grid tie only and this opened the door
for off grid customers i would say its OK but i always recommend contacting
the customers tax accountant as they will sign right next to your customer
and they sometimes think different.
On Oct 29, 2014 2:13 PM, SunHarvest
I don't see why not as long as it is the customers dwelling place.
That is the response I got from a call to the IRS. There are many
people (over 1 million) living full time on the road in RV's that are
claiming the tax credit because the RV is their only dwelling place.
Kindest Regards,
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