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Residential Energy Credits

rose323
Level 5

I am preparing a return for a customer, and he paid 43k. Do I enter the full amount on line A or only a certain amount? please help first time dealing with the credit. It is giving the customer 13k more in refund. 

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9 Comments 9
rose323
Level 5

financing the solar 

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sjrcpa
Level 15

Look at the form and the instructions and see if the calculation is correct.  The solar credit is large.


Ex-AllStar
abctax55
Level 15

Or, review what was in your continuing education classes.

$ 43,000 x 30% = $ 12,900.

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abctax55
Level 15

financing the solar 

Relevance?

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TaxGuyBill
Level 15

@abctax55 wrote:

financing the solar 

Relevance?


 

None, but in my opinion I would rather have a person include 'extra' information (that they are unsure if is is pertinent or not) than asking a million questions to drag some information out of the person.  😂

abctax55
Level 15

Bill, I tend to agree.  But not so much when the 'additional' info is irrelevant *and* is something the tax pro should know.

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rose323
Level 5

Wow community help can be quite harsh here sometimes. But I was rushing to give the information. Since we all have a busy season. 

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rose323
Level 5

Thank you, I figured this was the answer, but I just needed some assurance. 

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qbteachmt
Level 15

Don't confuse "he paid" and "financing" because borrowing money to pay is not part of this. The Cost of the system placed in service is what you should be using. How he paid (some downpayment, some borrowed, some with chickens) isn't part of the regulation.

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