Question about my solar setup

[Gkerlin]

quote:Originally posted by Alwims

Labor was all me. You could send me a consulting invoice, but please don't. Thanks again for the info.

figured as much but I thought that I'd mention it just in case

[Alwims]

Another question. Do my batteries and inverter count towards the credit?

[Gkerlin]

Yes. It is all part of the same system.

The batteries are needed to store the power produced and the inverter is needed to use it.

Your original battery that you had however wouldn't be part of that system since it came with the rig.

[Alwims]

Thanks Greg. I was hoping that was the way it worked.

[Jolu]

Greg,
Can one take the credit on a two or three year old install? Joe

[Gkerlin]

quote:Originally posted by Jolu

Greg,
Can one take the credit on a two or three year old install? Joe

Hey Joe,

Yes you can. The credit became effective in 2005. I think it varied a bit by year but is generally the same. You would need to file an amended tax return for the year the system was placed in service. You use form 1040X for that. You would also need to include any schedules or forms related to the change. In your case that would mean form 5965.

You would then possibly need to file an amended tax return for your state taxes as well. Not sure if Colorado has the credit, but if they allow you a deduction for fed taxes (probably do) that would slightly change your state deductions.

It might sound like a big deal but really it's not.

[Jolu]

Thanks Greg you are the man. This option would help others out there who have not taken advantage of this benefit. Joe