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Can we claim solar for 2017?

Forum|Forum|7 years ago
June 4, 2019
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We contracted with a solar company in 2017. Our loan was fully funded in 2017, checks distributed to us in November. The unit was turned on/connected in January. Can we claim for solar for 2017 since we were funded?

TurboTax Deluxe Windows

Best answer by MinhT1

Funding of the loan does not determine when the cost of your solar installation can be claimed for the credit.

Instructions for form 5695 says:

For purposes of the credit, costs are treated as being paid when the original installation of the item is completed.

Therefore if the installation was completed before December 31, 2017, you can claim the credit in 2017. Otherwise, you can only claim it in 2018.

M

MinhT1Answer

Funding of the loan does not determine when the cost of your solar installation can be claimed for the credit.

Instructions for form 5695 says:

For purposes of the credit, costs are treated as being paid when the original installation of the item is completed.

Therefore if the installation was completed before December 31, 2017, you can claim the credit in 2017. Otherwise, you can only claim it in 2018.

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