What is the Federal ITC? CPA Breaks Down the Solar Tax Credit
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- เผยแพร่เมื่อ 20 มิ.ย. 2024
- It's Tax season and the most common questions we are getting from customers is about the federal solar tax credit. In Episode 2 of our podcast "Your Solar Texas Expert", our CPA breaks down the solar tax credit into plain English.
-- Video Contents --
00:00 Intro
04:05 What is the solar tax credit?
05:08 Commercial vs. Residential Tax Credit
08:17 Turbo tax and the solar tax credit
12:28 Rental properties
13:34 What the IRS looks at
15:36 Solar add-ons (roofs)
16:42 How the credit is applied
19:57 How long will the tax credit be around?
22:40 Is solar always a good investment?
23:30 Conclusion
If you need a CPA or have questions about your current tax situation, contact David Mendoza at dmendoza@dgmcpa.com, check him out on LinkedIn at / davmendoza .
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Email info@allsolartexas.com
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This is the most informative video I've seen pertaining to the tax credit!
Thanks for checking us out! Please subscribe!
Found your show by accident Will! Amazing content my friend. Thank you for sharing so much value!
Thanks for subscribing and supporting the cause. May God bless you brother!
Awesome information, thanks!
Thank you for checking us out, and please subscribe! Have a blessed day.
The idea that there are no limits on how many times you can exercise the credit is pretty interesting! Thanks for the great facts Will!
Yea, sir! Even I learned a lot!
Hi Great info and video thanks!
Thanks for checking us out!
What about previous tax liability? Does the credit cover taxes that may be due from the past?
No, sir. They are not retroactive beyond the tax year of the installation.
ADT will not explain tax credits at all. They promised to help us navigate to get all the tax credits and after we financed the $50,000 they refer us to a CPA and provide no customer service. They want your money, but they offer nothing.
That’s what I’m hearing all over the place. Refer us and we pay you! Thanks for checking us out!
I had a $13,000 whole home generator installed last year but did not know about any tax credits, can I claim it this year? Or am S out of luck. I'm doing solar panels and batteries this year so I know I'll get the tax credit on that but I was just wondering about the generator???
Great question. Unless the generator is bundled with solar, it’s not illegible for the tax credit. It’s a grey area, but that’s where a good CPA comes in handy. 👍🏻 Feel free to contact us if you have more questions.
Would switching over appliances to electric qualify for a tax credit now that I have solar ? Like electric water heater vs. the natural gas one I have now?
No, but depending on where you live there are several rebates for energy efficiency appliances that you have qualify for with your local utility. Gives us a call! We will help you. 800-707-2259
A heat pump electric water heater would
Qustion can I go solar in segments? 2023 I bought the solar gen and batteries. No solar panels are going up in 23. Can I still get the 30% credit? I spent $18k in 23 for solar generators and battery? Please help me to know this? Thank you!!
Yes. The new tax law allows for standalone battery systems to be purchased (3kw+) and still get the 30% tax credit, and then you can add SOLAR later and get an additional 30% off of those items as well. The tax credits are good for the next nine years.
Is there also a rebate available in addition to tax credit for purchasing solar? The sales guy gave us the impression we’d get a tax rebate and tax credit.
No… there are no federal tax rebates for Solar. There may be utility specific rebates available, but nothing from the fed or state in terms of straight rebates. Reach out to us if you have any questions!
Is the the carryover period 5 years for residential... and 20 years for commercial? just to clear up that confusion.
It depends. Residential is 5-years take credit only. Commercial projects you get the solar tax credit and the asset depreciation, which you can write-off on your taxes for the next 20-years. Hope that helps!
@@allsolartexas Thanks... Mostly it was because your guest speaker only mentioned 20 years and didn't mention 5 years for residential and I didn't want other viewers getting confused... Unless I missed where he said that. Thanks again!
@@jarredmattingly5369 yes, sir! I think he got some stuff wrong on there. He was nervous, so I cut him a break… plus I’m not the tax guy, he is, but I think it’s a good rule of thumb to always talk to your own tax person or CPA before making a purchase. Find out the local tax incentives along with the federal. 👍🏻
Can the installer claim the credit for him and discount it from the installation for the customer?
No.
HOW CAN WE REACH MENDOZA LIKE HIS EMAIL ADRESS
William@allsolartexas.com 👍🏻
HOWdy A-S-T, ...
QUESTION: what happens if my Tax CREDIT exceeds the amount that I owe in TAXES ? ...
will there be a CARRY-OVER to the next YEAR(s) ? ...
COOP ...
the WiSeNhEiMeR from Richmond, INDIANA
...
Yes, it carries over to the next year and so on, until you recoup the entire tax credit amount.
A little inaccurate on the lease comments. The right lease will provide discounting because the investor/owner gets it and passes that through in the form of lower payments. Not on all leases but if you shop, you can find one. Then, someone on a fixed income, like social security, can still benefit from the federal credits in some fashion.
Thanks for the added information and for checking us out! Have a great day
Rio off... should get tax credits yearly
I wish Texas had state incentives, but they don’t. 😩