Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-02-2017, 02:33 AM
Junior Member
 
Join Date: Nov 2017
Posts: 1
Strange claim by soalr installation copmpany

They claimed I could depreciate a solar system installed on my home. They do this by making me a contractor working with the company. (Fill out paperwork and everything.) I talk to clients, allow them to use pictures of my home, put a sign in the yard, allow visits by prospective clients to see the home.

I get a nominal amount paid to me per month for 5 years--about 100 a month. Its effectively equal to the discount they give for shows and the like. I get 1k for anyone referred by me who signs up.

They claim that this would make the entirety of the system eligible to be depreciated. Is that accurate?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 11-06-2017, 02:24 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
in general, you can not depreciate any improvements on the personal residence. The IRS considers repairs and renovations on your personal residence to be personal expenditures, not business expenditures. So unless special circumstances apply, such as the use of part of your home for business purposes, you cannot take a current-year tax deduction for maintenance costs and renovations on your personal residence.There is an exception: If you recently installed a qualified energy generating system, you may be eligible for a tax credit. See IRS Form 5695 for more information.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I claim a child tax credit of previous year 2011 now in 2014, which I did not claim on 2011 as my son does not have ITIN purilokesh For 2011 8 03-31-2015 10:11 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.