timselectric
If I can do it, you can do it.
- Joined
- Feb 5, 2022
- Messages
- 19,106
Just list them on Ebay and see what happens. lol
Can you not carry them forward for any future taxable events?Since we got our off grid system commissioned this year, I turned in most of my list of expenses to my accountants. The firm are experts in RE taxes, and when I called to pay for their services, my accountant gave me some surprisingly bad news. Apparently, I can't use the credits because he said I don't have taxable income. I submitted $33,260 in receipts which, at 30%, gave me a credit of $9,978. But since I'm retired and on fixed income from my Ironworkers pension, social security and 2nd Injury fund bi-weekly checks which are not taxable, I'm told I don't have any/enough taxes to do it(?). I have had taxes withheld from my pension checks since I retired on disablilty due to a work injury in 2010, and we always get a refund. My tax guy told me that I'm just paying their office every year to get my money back, and even told me that I should stop having taxes taken out of my pension check. He said I'd just keep the money that's been coming right back to me every year.
I told him that I was planning on stopping the taxes so I could get the money back as a credit in future years, but he believes without actually being at a level that would generate taxes needing paid, that it would cancel each other out and I would be better off selling the credits. I had never heard of this. He sent me a link to renewable energy credit information on PJM Environmental Information Services, but it looks like the info on there is for states other than Missouri. He did mention that when credits are sold, it's usually for 50-70% of the face value, but anything's better than nothing.
So my question here is- Is it possible to sell "solar credits"?, and if so, how is it done? And, if so, would an off grid set up be eligible?
At this point, my wife and I are happy to just have our system and the ability to live where we want with endless "free" energy. It would be nice to get a rebate or money back down the road on our taxes, but we would have built this system regardless, so that's that.
If anyone has had this happen to them or is knowledgeable in this area, I would sure appreciate hearing your views. Thanks in advance! Lee
No for secondary residency. Yes for carrying forward to next tax years.I believe secondary residence too.
Poor wording, a second home. But you have to choose which one you will claim as your “main” home for the credit.No for secondary residency. Yes for carrying forward to next tax years.
And keep in mind that since it’s an off grid system, you’ll forget all about that missed tax credit when there’s a long term power outage!
A storm came through here about 4 hours ago and there are widespread power outages. While all my neighbors are in the dark and without water, (we all have wells), life continues as usual for me with the batteries at 94% and in about 9 more hours, the sun will be shining.
Same here. I use the grid tie system to save money and the off grid system in place of a generator for outages.Yes! That's exactly why I have off grid solar. My entire house is still on the grid, but I have off grid solar with 30kwh battery as backup for power outages or emergencies. And then I have backup for the backup that's completely isolated from the main backup with its own solar panels and 7kwh battery. I'm expecting a brutal summer this year and anticipate there will be some rolling blackouts.
This is very misleading, but true. A better visual would be, what percentage of gross earnings do the top 1% pay? Our current system allows the wealthy to deduct so many things, this lowers the percentage of their income taxed. Sometimes less than the average american."The top 1% of taxpayers — those who earn $561,351 or more — paid 42.3% of the total tax revenue collected in 2020, according to the latest figures from the IRS. In fact, the top 1-percent of taxpayers paid more income taxes than the bottom 90-percent all together."
This is very misleading, but true. A better visual would be, what percentage of gross earnings do the top 1% pay? Our current system allows the wealthy to deduct so many things, this lowers the percentage of their income taxed. Sometimes less than the average american.
Or getting money back they didn't pay in, "Earned Income Credit""Lower income" people are generally paying little to no income tax.