Submission for tax credit

[AC\DC]

I live in a small town and my CPA a moron and does not know how to properly apply for the tax credit be it if I want do the flat percentage or the cents for me generated.
Do any of you have a good link so I can read up and see how to submit.
Please don’t say find another Cpa they’re all dumb in my area I tell them what I can and can’t do. They bassicly just file so I don’t miss to cross a t and get slapped by the mafia

 

[curt swartz]

About Form 5695, Residential Energy Credits | Internal Revenue Service

Information about Form 5695, Residential Energy Credits, including recent updates, related forms and instructions on how to file. Use Form 5695 to figure and take your nonbusiness energy property credit and residential energy efficient property credit.

www.irs.gov

You get 30% credit for the cost of the system.
Never heard of getting credit for generation.

If your tax person can't figure out this simple form I don't see how they can complete any of the other forms. Definitely would not trust them doing my my taxes. Your probably better off using Turbo Tax, Tax Act or other DIY tax software if there are no qualified tax preparers in your area.

 

[jaggedben]

The form for residential is form 5695. I will corroborate that it's supported by online tax services I've used similar to those curt names.

As far as getting paid for generation if it isn't part of your net metering that would be separate from any federal tax credit and probably not any business of your CPA, other than if you get paid SRECs they may be taxable.

 

[AC\DC]

Here the generation tax credit

https://programs.dsireusa.org/system/program/detail/734/renewable-electricity-production-tax-credit-ptc

Here one for Commerical I know I had one for resi I am looking

 

[curt swartz]

I don't fully understand the PTC but you can only take on credit.

The ITC is 30%
The PTC is $.0275per KWH
How big of a system do you have? How much energy is it producing?

I don't see how any residential system would be better off with the PTC.

 

[jaggedben]

I don't think residential is eligible for the PTC? In any case I'm sure taking 30% is more cost effective. It would be, unless you're getting less than 8.25cents/kwh average on your net metering, minus the levelized cost of the extra metering and paperwork. Not to mention net present value. Or unless perhaps you don't have the tax liability.

 

[SKSolar]

I live in a small town and my CPA a moron and does not know how to properly apply for the tax credit be it if I want do the flat percentage or the cents for me generated.
Do any of you have a good link so I can read up and see how to submit.
Please don’t say find another Cpa they’re all dumb in my area I tell them what I can and can’t do. They bassicly just file so I don’t miss to cross a t and get slapped by the mafia

I used Turbo Tax and entered the cost of buying all the materials. That it! But, you need to have and keep the receipts just in case you get audited.