Many of you are aware of the Residential Energy Credit which applies to any residential property used as your home. This is where the Solar Energy Credits are taken. This can be your main home or a second residence.
Solar Energy Credit Basics – Install a solar energy system on your home, and you can take up to 30% of the amount you actually pay for the system as a tax credit on your income tax return. $30,000 paid out of pocket = $9,000 credit taken on your tax return.
Many rental property owners, and worse, many CPAs, are NOT aware that these credits are available on their investment properties, both residential and commercial.
Both Credits, on your residence or rentals, are as follows:
The credit cannot be claimed until the project is completed.
Both credits are limited to your taxable income, but can be carried forward for 20 years.
The credits are based on the year you first claim them.
Are you sure that you are getting the correct advice on your rental properties or your businesses? If you aren’t 100% sure, you should be calling me now.
Questions? Concerns? Call me on (732) 673-0510.
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Please reach out to me without hesitation with any tax, business or
accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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