Cohousing-L Mailing List: Re: solar tax credit

[Richard Smith (rsmith2]

Laurel West, 

Here at Mosaic Commons we installed a solar array on our Common House. 
According to my research (National Association of Tax Professionals and my tax 
preparer) your attorney is correct. Note that you can only take the Federal 
Energy Tax Credit (via IRS Tax form 5695) in the tax year that your system 
becomes operational.

Richard Smith

Sent from my iPad

> On Jan 22, 2019, at 7:23 PM, Laurel West <laurelwest50 [at] gmail.com> wrote:
> 
> I'm with Richmond Cohousing.  We are a community in formation and are
> hoping to break ground on our 19 unit condo style building in March.  We
> are exploring the possibility of installing a solar array on the roof of
> our building and are seeking info from other cohousing groups on claiming
> the federal tax credit. Our accountant has told us that if we purchase the
> panels through our LLC, the tax credit could flow back to the individual
> members of the community in proportion to the amount of their investment.
> In other words if I contribute $2000 toward the solar panels, I could claim
> a $600 tax credit on my personal tax return.  Does anyone have any
> experience with this?
> Thanks for your help,
> Laurel
> _________________________________________________________________
> Cohousing-L mailing list -- Unsubscribe, archives and other info at:
> http://L.cohousing.org/info
> 
> 
>