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nmr12354
Level 3
02-17-2022
11:02 AM
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Client installed solar panels and a geothermal heating system in 2016. Took credit in 2016. In 2021 the client had to make repairs to the system. Cost was $700. IRS instructions for form 5695 is silent on repairs. Can we take the credit again, If so what IRS regulations (pub) governs?
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3 Comments 3
qbteachmt
Level 15
02-17-2022
11:10 AM
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It has to relate to Original Installation. Example: new batteries = no. That's repair from wear and tear. But, a change from wet batteries to Power Wall, and the hookup of Power Wall, is a new installation.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
nmr12354
Level 3
02-19-2022
06:43 AM
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What IRS pub governs that?
qbteachmt
Level 15
02-19-2022
12:36 PM
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Form 5695 (I assumed residential) and you can google, and you will find lots of discussion and reference to private letter rulings as well as Notice 2013-70. Here is a good example:
https://www.thetaxadviser.com/newsletters/2019/aug/solar-energy-credit.html
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
