Subdood
Photon Wrangler
Hey all, I'm trying to get our taxes done, and am getting together the receipts for all the solar stuff I've installed. Got a few questions to ask:
1. I bought my inverter, panels and most of the infrastructure (wire, conduit, breaker panel, hardware, etc) in late 2022, and last year. My system went into service in about February of last year.
Can I take the credit for the stuff I bought in '22 to go into my 2023 tax returns? I understand you get the credit for when your system goes into service.
2. I bought a 5kwh rack mount battery last November and put it into service immediately. I bought it on an installment plan, do I get full credit for the battery, or what I have paid on it?
3. I bought my panels from Santan Solar in August of '22, put them in service in Feb last year. These panels were not used but had been bought by an installer but never put in service. Can I get the credit on these panels even tho I'm not the first owner?
4. I ran conduit to a critical loads circuit panel from my inverter. So is the panel, wires, conduit and the new breakers I installed in the panel eligible for the credit?
5. I paid state sales tax on all the stuff I bought. Can the tax be included in my reportable costs? Say the inverter cost me $1200, and the sales tax was $72 (KY sales tax rate). Do I get credit for the total $1272 or just the cost for the inverter alone?
6. Along those same lines, do I get credit for shipping costs? I'm guessing no, but wanted to ask anyways.
Thanks for your replies.
1. I bought my inverter, panels and most of the infrastructure (wire, conduit, breaker panel, hardware, etc) in late 2022, and last year. My system went into service in about February of last year.
Can I take the credit for the stuff I bought in '22 to go into my 2023 tax returns? I understand you get the credit for when your system goes into service.
2. I bought a 5kwh rack mount battery last November and put it into service immediately. I bought it on an installment plan, do I get full credit for the battery, or what I have paid on it?
3. I bought my panels from Santan Solar in August of '22, put them in service in Feb last year. These panels were not used but had been bought by an installer but never put in service. Can I get the credit on these panels even tho I'm not the first owner?
4. I ran conduit to a critical loads circuit panel from my inverter. So is the panel, wires, conduit and the new breakers I installed in the panel eligible for the credit?
5. I paid state sales tax on all the stuff I bought. Can the tax be included in my reportable costs? Say the inverter cost me $1200, and the sales tax was $72 (KY sales tax rate). Do I get credit for the total $1272 or just the cost for the inverter alone?
6. Along those same lines, do I get credit for shipping costs? I'm guessing no, but wanted to ask anyways.
Thanks for your replies.
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