My first year with earnings from my panels. Here are the facts. I am with TVA's GPP program, I have a residential system, not commercial. My power is fed directly into the grid and becomes a credit against my electric bill. Last year I produced a surplus amount of power resulting in my receiving a check for about $400. The question is, Do I pay income tax on this money? I asked my electric company and they didn't know, I asked TVA and they didn't know. Can anyone give me any advice, other than hire a lawyer?
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Find a CPA. All will be made clear for a fee. Free advice on a forum from what are de facto anonymous sources is hardly reliable. You get what you pay for (or less). -
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Originally posted by leww View PostLooked at that. it is cheaper to simply pay the taxes than to pay a CPA.
TVA and your POCO have opinions but have nothing to gain and perhaps something to lose by sharing them.
In similar situations I check and study the tax code, keep in mind that fortune favors the bold and slaughters the uninformed, take my best shot, and plan on taking my check book and my accountant to any IRS audit.
But that's just me.Comment
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I'll probably just pay the taxes also I very much appreciate the advice about ignoring info posted on websites. I will follow that also.Comment
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Income is taxable even without a 1099. Line 21, other reportable income. Verify with a tax professional your circumstances, as a disclaimerComment
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I tend toward the aggressive when it becomes to not paying income taxes. I treat my NEM credit as a reduction of expense. In a business sense it would net against a legitimat business expense. I understand that your situation is not a business. I also do not list all the checks I receive as income because some of those are reimbursements. The above is not advice, it is just one opinion from an anonymous online source.Last edited by Ampster; 01-28-2019, 12:25 PM.9 kW solar, 42kWh LFP storage. EV owner since 2012Comment
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You have plenty of experiences in your solar install and hardware to offset the income.....I wouldn't claim it and use the old saying it is better to ask for forgiveness then ask for permission.....haha....good luck....
I think you could justify it later if needed in supporting paper work to your tax filing.
But you are more likely to get caught doing this then illegally crossing the boarder.Comment
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