Solar ITC Question–any CPAs lurking here?
At first read to a layperson (me), it makes perfect sense that pretty much anyone can install a solar PV system and qualify for the ITC (Investment Tax Credit). There’s a residential version (we’re all fairly familiar with this one, yes?) and a business version (see http://solaroutreach.org/wp-content/uploads/2015/03/CommercialITC_Factsheet_Final.pdf
http://energy.gov/savings/business-energy-investment-tax-credit-itc) of said tax credit). So it seems clear to me that under the residential version, my owner-occupied duplex would only qualify for a tax credit on half of a solar install price, since it specifically excludes rental properties. Further, it seems clear that SOMEone out there wants business to be incented to install solar. My rental property, it’s technically a business, right? So, then, why do I continue to get conflicting information about whether I’d qualify under the business ITC to get the 30% tax credit on PV installs?
Asking my family’s accountant basically leads me here: “…I believe you and I have seen references to “commercial” or “business” property. I think that terminology does not include residential rental property for these purposes. Please forward anything you find which you think will contribute to a different conclusion.”
In a nutshell, does anybody here have any experience with claiming the 30% credit on residential rental properties, and perhaps have anything to cite?? I know this is better suited to an accountant-focused forum, but figure I’m more likely to find solar aficionados here at GBA…
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