Residential solar credit

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  • mrbill
    Member
    • Feb 2009
    • 80
    #1

    Residential solar credit

    Taxpayer installed solar panels, for water heating. Cost $30k. Entitled to 30% federal credit. Question concerns the loan taken for the installation. Not connected to the mortgage. Eligible for interest deduction on schedule a ??? I think not - agree.....
    Tags: None
    • Gretel
      Senior Member
      • Jun 2005
      • 4008
      #2
      Only if he forgoes that part of the credit - just kidding. I agree, personal interest.

        Comment

        • taxea
          Senior Member
          • Nov 2005
          • 4292
          #3
          was it an equity or personal loan? If equity and he did make an improvement it may be deductible on Sch A.
          Believe nothing you have not personally researched and verified.

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