Re: [RE-wrenches] Residential tax credit

2021-03-16 Thread Christopher Warfel
This link is not from IRS, and should be verified by a tax expert, but it says it can be carried forward for 20 years. https://www.recsolar.com/blogs/calculate-solar-tax-credit-2021/ Chris On 3/16/2021 10:43 AM, Howie Michaelson wrote: The last I heard, the residential tax credit could only

Re: [RE-wrenches] Residential tax credit

2021-03-16 Thread Howie Michaelson
The last I heard, the residential tax credit could only be rolled forward 1 year - so spread out over 2 years. But I'm not an accountant, so if anyone authoritative knows differently, I'd love to but corrected. Howie Howie Michaelson Sun Catcher NABCEP Certified Solar PV Installer™ Solar Electric &

Re: [RE-wrenches] Residential tax credit

2021-03-16 Thread Christopher Warfel
The credit does not need to be taken in one year. It can be spaced out over successive years.  Chris On 3/15/2021 3:55 PM, drake.chamber...@redwoodalliance.org wrote: Hello Wrenches, A client would like to have an 11 kW residential system installed. He would like to utilize the federal tax c

Re: [RE-wrenches] Residential tax credit

2021-03-15 Thread Dave Angelini Offgrid Solar
Even better to convert to a ROTH IRA and not have to worry about future taxes, if he can afford cash for the System. Dave Angelini Offgrid Solar "we go where powerlines don't" http://members.sti.net/offgridsolar/ [1] e-mail offgridso...@sti.net [2] text 209 813 0060 On Mon, 15 Mar 2021 15:13:

Re: [RE-wrenches] Residential tax credit

2021-03-15 Thread Kristopher Schmid
An early draw on an IRA is a good way to create a tax liability where none exists. Shine On! Kris Schmid Legacy Solar, LLC 137 West 1st Avenue Luck, WI 54853 www.legacysolar.com 715-653-4295 NABCEP Certified PV Installation Professional Licensed Wisconsin Master Electrician BSEE On Mon, Mar 15

Re: [RE-wrenches] Residential tax credit

2021-03-15 Thread la...@starlightsolar.com
Hi Drake, Whoever owns the property claims the credit. Unless things have changed, the unused portion of the credit can be carried over for up to 20 years. He could use portion of it each year. Larry On Mar 15, 2021, at 12:55 PM, drake.chamber...@redwoodalliance.org wrote: Hello Wrenches,

[RE-wrenches] Residential tax credit

2021-03-15 Thread drake . chamberlin
Hello Wrenches, A client would like to have an 11 kW residential system installed. He would like to utilize the federal tax credit, but is retired and doesn’t have sufficient income to benefit. His son would finance most of the system if he could get the credit. His son is grown and lives o