Solar Pannels - 2010 Tax Credit

[7.3Ford]

Looks like from reading Turbo Tax Forum, you can fill out form 5695 (Part II) and take a tax credit of 30% of the cost of solar electric. Instructions say it doesn't have to be your main home.

Has anyone taking this credit before for there Monty?

[lasater]

Yep. We took it this year.

[Jolu]

Does this also apply if you installed the system yourself?
Joe

[Jolu]

I read the Gov. Tax Form 5695 Part II and I don't read anyplace where an RV is included as a second home or listed as a home.
Is there something I am missing in the instructions?
Joe

[Trailer Trash 2]

What if thr RV is your main home such as full timers, can you deduct it twice? lets say you gave up full timming and went to a stick home.

[TheCoachPotatoes]

We went through this last year and if I remember correctly, you can only deduct it if the rv is your main home. My accountant read it the same way I did. I don't have the form you are referring to anymore, but we didn't take the deduction since we have a home. It wasn't worth it to us to be audited. I would check with a tax accountant on this to be sure.

[TheCoachPotatoes]

I just looked up the instructions in order to read over what I also read last year. I think it is pretty clear that you cannot take the credit on your Montana if you also have a home that is your main residence. I copied and pasted below what I read on instruction form.

Page 3 of instructions say:

"Main home. Your main home is generally the home where you live most of the time. A temporary absence due to special circumstances, such as illness, education, business, military service, or vacation, will not change your main home."

Page 4 says:

"To qualify for the credit, any qualified energy efficiency improvements or residential energy property costs must have been for your main home located in the United States. See Main home on page 3. If you check the “No” box, you cannot take the nonbusiness energy property credit."

[7.3Ford]

quote:Originally posted by TheCoachPotatoes

I just looked up the instructions in order to read over what I also read last year. I think it is pretty clear that you cannot take the credit on your Montana if you also have a home that is your main residence. I copied and pasted below what I read on instruction form.

Page 3 of instructions say:

"Main home. Your main home is generally the home where you live most of the time. A temporary absence due to special circumstances, such as illness, education, business, military service, or vacation, will not change your main home."

Page 4 says:

"To qualify for the credit, any qualified energy efficiency improvements or residential energy property costs must have been for your main home located in the United States. See Main home on page 3. If you check the “No” box, you cannot take the nonbusiness energy property credit."

That is for Part I, check NO to question #1. Part II does apply.

Page 4: "Qualified solar electric property costs. Qualified solar electric property costs are costs for property that uses solar energy to generate electricity for use in your home located in the United States. This includes costs relating to a solar panel or other property installed as a roof or a portion of a roof. The home does not have to be your main home."

[7.3Ford]

quote:Originally posted by Jolu

Does this also apply if you installed the system yourself?
Joe

Joe,

Doesn't say anything about who installs. You just can't charge your time, like other things with the IRS. I am using just the cost of parts. The 30% tax credit comes off what you owe, not gross income, so it is a sweet deal.