I am renting a solar panel system

Parebel
Parebel Quicken Windows Subscription Member
in Business and Rental Property Tools (Windows)
Can I deduct the monthly rental from my taxes under the green usage

Comments

  • Frankx
    Frankx Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Hi @Parebel,

    While there are a lot of folks on here who play a tax expert on TV, we don't actually focus on giving out tax opinions. ;)

    You really need to ask a CPA about this.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

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  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    While, in general, I agree with @Frankx's reply ... you might also try asking this over in the TurboTax forum.
    It's possible that they'll have some ideas on this matter: https://ttlc.intuit.com/community/home/misc/03/en-us

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Rocket J Squirrel
    Rocket J Squirrel Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited April 2020
    This is a gray area. IRS is fuzzy on whether renting photovoltaic solar panels qualifies. The credit has expired, but may have been renewed. So you'll have to do some research. One thing is certain: you have to have installed the panels. If you moved into a house with existing panels and assumed the rental, you do not qualify for the credit. Only the person(s) who actually installed the panels qualify.
    Look up the instructions for Form 5695 and see whether you can make any sense of them.

    Quicken user since version 2 for DOS, now using QWin Premier (US) on Win10 Pro.

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