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carryback for tax credit?

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  • carryback for tax credit?

    We are waiting for our solar to get installed that we applied for last year.
    we have size-able amount we will owe on our 2014 taxes.
    Are residential installations allowed to do a carry-back on existing Tax debt for a new solar installation?

  • #2
    This isn't a tax forum, so you may be better off talking to someone with actual qualifications. However, if you read the instructions for Form 5695, you'll see the following:

    For purposes of both credits, costs are treated as being paid when the original installation of the item is completed
    I would interpret this to mean that if the installation didn't finish in 2014, you can't claim the credit in the taxes for that year.
    CS6P-260P/SE3000 - http://tiny.cc/ed5ozx

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    • #3
      Originally posted by henchman View Post
      We are waiting for our solar to get installed that we applied for last year.
      we have size-able amount we will owe on our 2014 taxes.
      Are residential installations allowed to do a carry-back on existing Tax debt for a new solar installation?
      See your tax consultant, or find one. Unvetted and unverifiable tax advice from semi anonymous sources can be risky.

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      • #4
        I just finished my taxes, so I'm still fresh. I believe the credit can be carried forward (http://www.taxact.com/support/1235/f...it-carry-over/), but I don't think it can be retroactively applied as sensij indicated.
        16xLG300N1C+SE6000[url]http://tiny.cc/ojmxyx[/url]

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