Ampster
Renewable Energy Hobbyist
I did too and save a report from the inverter of proof that it was commissioned. Later I added different batteries and got a building permit and will take the credit on the batteries in the year they were installed.
Tax Credit: Inspection required? Claimed once?
- Thread starter RyGuy
- Start date
Yeah, my wife gave me the I told you so look yesterday when I said I'm going to have to audit the materials I have to this point because I don't have the reviews and figure out a way to have reasonable proof since I didn't save most off the receipts. She is pretty meticulous with receipts. Much of it was in combination with non solar purchases. I will likely claim some stuff that I have to take a picture of installed and find the price at the lumber yard and record that. At least if I got audited I could show that and tell the truth that I didn't know about the credit at the time of purchase.
I could have saved more money and time just ordering new and taking the credit than buying used
.
I could have saved more money and time just ordering new and taking the credit than buying used
.
Hedges
I See Electromagnetic Fields!
- Joined
- Mar 28, 2020
- Messages
- 20,788
The IRS audited tax return of a man who had substantial winnings at the horse track, but also claimed offsetting expenses for the many bets he had placed during the year.
During the audit, IRS agent asked for receipts, so the man said he would bring them.
At the next appointment, he presented receipts sufficient to wipe out taxable gains from his winnings. The agent asked a more senior agent for assistance. The senior agent said, "Turn the receipts over."
The backside of all the receipts were covered in dusty footprints.
"The dog ate my receipts"
www.dailyjournal.com
www.forbes.com
"The court was harsh on some points, but cut Villa some slack on his undocumented cost of goods sold. The court said that if a taxpayer clearly shows that he incurred a deductible expense but is unable to substantiate the exact amount, the Cohan rule permits the court to estimate it, provided there is a reasonable basis for making such an estimate. In making an estimate, the court takes into account that the fact that the taxpayer’s lack of proper records created the situation."
I'm not a tax professional and can't give tax advice.
But I can relate a good yarn I heard somewhere.
During the audit, IRS agent asked for receipts, so the man said he would bring them.
At the next appointment, he presented receipts sufficient to wipe out taxable gains from his winnings. The agent asked a more senior agent for assistance. The senior agent said, "Turn the receipts over."
The backside of all the receipts were covered in dusty footprints.
"The dog ate my receipts"
In an IRS audit, if you don’t have receipts here’s a workaround
www.dailyjournal.com
Some Taxpayers Beat The IRS In Court—Even If They Don’t Have Receipts
Cohan v. Commissioner stands for the wonderful proposition that in an IRS audit, even if you don’t have receipts, you might still qualify for a tax deduction.
www.forbes.com
"The court was harsh on some points, but cut Villa some slack on his undocumented cost of goods sold. The court said that if a taxpayer clearly shows that he incurred a deductible expense but is unable to substantiate the exact amount, the Cohan rule permits the court to estimate it, provided there is a reasonable basis for making such an estimate. In making an estimate, the court takes into account that the fact that the taxpayer’s lack of proper records created the situation."
I'm not a tax professional and can't give tax advice.
But I can relate a good yarn I heard somewhere.
FWIW
IF anyone has been audited over the Solar credit they won’t admit it on the forum :
diysolarforum.com
IF anyone has been audited over the Solar credit they won’t admit it on the forum :
Has anyone ever had the IRS question the solar tax deduction ?
Asking for a friend 😎. Obviously a US centric question but with all the threads on what does/doesn’t count I’m wondering if anyone has been audited for the tax credit. If so, was it a question of producing receipts, pictures, or an agent conducting an on site visit ? Inquiring minds want to...
diysolarforum.com
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I’ve heard of someone who won $7500 in the lottery. They went to the track and paid kids one cent for every discarded losing bet ticket they could find.
Kids made a few bucks and many dollars of winnings were offset by losses.
This was years ago when kids would talk to strangers and were interested in hustling a few bucks.
