I purchased solar panels this year but wont be installed until the first week of January .Can claim this purchase on my taxes?

Forum|Forum|7 years ago
June 1, 2019
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I purchased solar panels this year but wont be installed until the first week of January 2017. Can i claim this purchase on my taxes even if its not installed yet but was purchased before the end of 2016?

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DoninGA

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No. The solar panels that you purchased must be placed in service for you to be able to get the tax credit. So if they will not be installed until 2017 you can claim the credit on your 2017 tax return.

See the instructions for IRS Form 5695 - https://www.irs.gov/pub/irs-pdf/i5695.pdf

For purposes of both credits, costs are treated as being paid when the original installation of the item is completed, or, in the case of costs connected with the reconstruction of your home, when your original use of the reconstructed home begins