We own solar panels and get an amount paid to us each month for production through a MA program. I have a 1099-Misc for this, can my solar panel payment be an expense?
We own solar panels and get an amount paid to us each month for production through a MA program. I have a 1099-Misc for this, can my solar panel payment be an expense?
No. This amount should be entered as 'Other Income' on your 1040 and not subject to self-employment tax. Since it is not business income you can't deduct expenses from it.
In addition you already deducted the full value of the solar panels when you got a solar panel tax credit in the year that you had them installed. Deducting them again would be double dipping.