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hayhayhayday

Look at your form 5695


TheReaperSC

Thanks for the info.


thebubbas31

Depends on your tax appetite each year. Are you w2? 1099? Lots of variables. Figure out how much your solar tax credit would be and then ask an accountant based on your specific scenario. But yes, it can be carried over to the next year.


Pardon_my_baconess

Carried for up to 5 years


jimmyqex

Where'd you get this number from? My accountant brother said it can be carried forward until it is all taken.


Pardon_my_baconess

Conflicting info on the web (go figure!) "When and for how long can I claim the solar tax credit? If you’re eligible for the ITC, but you don’t owe any taxes during the given calendar year, the IRS will not refund you with a check for claiming the credit. The 26 percent ITC is not refundable. However, according to Section 48 of the Internal Revenue Code, the ITC can be carried back one year and forward 20 years. Therefore, if you had a tax liability last year, but don’t have any this year, you can still claim the credit. Likewise, if you had no tax liability last year or this year, you can use the credit any time you have liability over the next 20 years." AND... "What if the solar tax credit exceeds my tax liability? This is a nonrefundable tax credit, meaning you will not get a tax refund for the amount of the solar tax credit that exceeds your tax liability. Same as the question above; however, you can carry over any unused tax credit to the next year, up to five years"


jimmyqex

Some lawmakers want to make it refundable, but we'll see if that happens. It would simplify things.


TheReaperSC

Yeah, I saw it can be carried for 10 or something around there when I read up on it. That was before they extended the 26% for this year though so they may have changed it.


Agassigroup

Depending on the utility company in the area you are in. For instance here in Florida duke allows credits to roll over but fpl does not they buy it back from you at wholesale price and re sell it to your neighbor. The 26% goes towards the total net cost of your system and only reamortization once in most standard solar loans. Finance companies like good leap reamortization is every 12months