buelfarm
Level 3
12-07-2019
03:18 AM
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Specifically need to know if Depreciable basis is calculated net of 30% Solar Credit.
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buelfarm
Level 3
12-07-2019
03:18 AM
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Two other related questions: Read about ITC on Fed & NYS ... will asset be depreciated net of those credits also? Not taking Section 179, obviously... then, what Type of Asset & Asset Life? Read 5 years, but don't know?
sjrcpa
Level 15
12-07-2019
03:18 AM
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OP follow up question here https://accountants-community.intuit.com/questions/1822861-commercial-solar-panels-depreciated-net-o...
Ex-AllStar
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TaxGuyBill
Level 15
12-07-2019
03:18 AM
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Yes, the credit reduces Basis, which would put the Basis at $28,000.
Bry
Level 3
01-14-2020
02:59 PM
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I don't believe this answer is correct.
https://www.irs.gov/pub/irs-pdf/i3468.pdf
"You must reduce the basis of energy property by 50% of the energy credit determined." So the basis would only be reduced by $6,000.
