solar tax credit

[wls]

I was wondering, if you can do the 30% tax credit at tax time? Thanks

[TitanMike]

Solar tax credit is nice but unfortunately it's not a refundable credit. You only get to use the credit up to the amount of your tax bill.

That benefits those who have high(er) incomes and large(er) tax bills.

For those who are retired and living off "tax paid" assets like Roth IRAs, or savings producing low yields, there may be little benefit from the solar credit.

Whoever put the "non-refundable" clause in the bill apparently overlooked how lower income groups could benefit more.

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[Aussieguy]

++2 on what Titan said

All those lovely rebates ... hidden in a miss named inflation bill
does nothing for lower income peoples.

Makes my blood boil each time I hear...
people can fight inflation by buying a EV , insulating house and adding solar...
if you spend over $100,000 you'll be better off.

politicians.... with rosey colored glasses !

[PhilFromMaine]

Originally Posted by wls

I was wondering, if you can do the 30% tax credit at tax time? Thanks

I believe the criterion is that it has to be operational by Dec. 31, 2022 or the particular tax year. From what I have read ( I still have a hard time believing it) it does apply to RVs. However, I would speculate that there is a percentage use equation to qualify.

It is a tax credit, not an expense. You need to owe taxes to use it, but any unused portion can be carried over to succeeding years.

[wls]

I also heard that it(rv) has to be main housing you have to live in, not sure though

[Lwbuddy]

I can only tell you about our situation using the solar tax credit. We installed solar on our home in 2019. The tax credit was 30% then. I believe it is 26% for 2022. We recieved 30% of the total cost of the system. Example: the system was $21,000. When we filed our taxes, we got back an aditional $7000 back in our refund. It doesnt matter if you typically get a refund or owe. It is a refund for the cost of going solar. I am not sure if you can use it on an rv. I hope that helped explain how it works. Best investment i have ever made. Would do it again 1000 times.

[Aussieguy]

https://www.energy.gov/eere/solar/ho...-photovoltaics


RV may get credit for solar if is a temporary residence

https://gopowersolar.com/us-solar-tax-credits/


plenty of other hits on google saying RV's are included
https://www.google.com/search?client...redit+rv+solar

[TitanMike]

Originally Posted by Aussieguy

https://www.energy.gov/eere/solar/ho...-photovoltaics


RV may get credit for solar if is a temporary residence

https://gopowersolar.com/us-solar-tax-credits/


plenty of other hits on google saying RV's are included
https://www.google.com/search?client...redit+rv+solar

One can claim deductions on RV as "Second Home" so logically the solar credit should also apply.

FWIW, one can claim just about any deduction or credit they want on their annual tax return and get a refund. The problems only arise if and when one is audited and they are denied. Some never get audited and some get audited every year. The question is "How lucky doe you feel?

[NavyLCDR]

Originally Posted by TitanMike

One can claim deductions on RV as "Second Home" so logically the solar credit should also apply.

FWIW, one can claim just about any deduction or credit they want on their annual tax return and get a refund. The problems only arise if and when one is audited and they are denied. Some never get audited and some get audited every year. The question is "How lucky doe you feel?

With the expansion of the IRS by 87,000 agents - not as lucky as I used to feel!

[Aussieguy]

you know who those 87,000 agents are looking for....
people with online SMALL businesses such as selling stuff on ebay

This tax year 2022....
They changed the rules for Paypal and other online credit card transaction providers


NOW... if you make $600.00 a year no matter how many transactions
Paypal / Banks must report the income and provide a 1099-K .


it USE to be.... income is reported if $20,000 AND over 200 transactions

Pretty clear to me the agents increase were in preparation to audit small businesses AND contract workers


NOT as they claim to be trying to only audit the big companies

[Traveling Circus]

Originally Posted by Aussieguy

you know who those 87,000 agents are looking for....
people with online SMALL businesses such as selling stuff on ebay

This tax year 2022....
They changed the rules for Paypal and other online credit card transaction providers


NOW... if you make $600.00 a year no matter how many transactions
Paypal / Banks must report the income and provide a 1099-K .


it USE to be.... income is reported if $20,000 AND over 200 transactions

Pretty clear to me the agents increase were in preparation to audit small businesses AND contract workers


NOT as they claim to be trying to only audit the big companies

80 million people couldn't have been wrong, right?

[Aussieguy]

Originally Posted by Traveling Circus

80 million people couldn't have been wrong, right?

simply stating facts

nothing in the inflation reduction act .. actually reduces the prices I have to pay.
A lot of stuff I buy has gone up way more than inflation rate...

Tax credits , only work for those still paying Federal tax.
The rest of us can .. .. .... !

Small businesses and contract workers are getting targeted by IRS...

If they were only targeting LARGE business ... there would have be no need to change the 1099-K rules .

[PhilFromMaine]

Originally Posted by TitanMike

One can claim deductions on RV as "Second Home" so logically the solar credit should also apply.

FWIW, one can claim just about any deduction or credit they want on their annual tax return and get a refund. The problems only arise if and when one is audited and they are denied. Some never get audited and some get audited every year. The question is "How lucky doe you feel?

That is absolutely correct. I know first hand. The problem is you can file "incorrectly" and not know it and end up getting audited five years latter and being fined for all five years with interest and penalties.

[CopperBaja]

Originally Posted by Traveling Circus

80 million people couldn't have been wrong, right?

Riiiiiiigggghhhtttt. /sarcasm.

Yep been audited many times since about 2013/14.

I have claimed my RV interest since I bought it, (2 years) as a second home.

I'm going to claim my solar install on my RV that was DIY. I have most receipts...that will be my top number, not counting the no-receipts...local home improvement store runs.

Has anyone claimed this? If so, can you claim labor for DIY?

I was thinking to put minimum wage...even though solar installers would get much much more...and I would have paid a bundle if I took it to an RV shop.

TIA.

[CopperBaja]

Originally Posted by PhilFromMaine

That is absolutely correct. I know first hand. The problem is you can file "incorrectly" and not know it and end up getting audited five years latter and being fined for all five years with interest and penalties.

Yep...got one of those too.

Being a newb for my RV to qualify...I'm a bit worried about the first two years as well. Can't control the randomness of it, but I can be aware that there's a high probability.... :/

I don't remember the form that I filed, but you can get them to waive interest. If you do, at least that's good. I don't mind paying for typos or miscalculations, but time-penalty is not OK in my logical book.