Solved: How do I claim the investment tax credit for solar for a farm client? Plus 100% bonus depreciation...

monikernc · ‎12-07-2019

For a farm filing Sch F on 1040 only the residential energy credit form is available in Lacerte18. How do I file for the investment tax credit Form 3468 for solar to power the irrigation pivot? Plus after reducing basis of solar system by half the tax credit (15%) can 85% (100%-15%) be claimed with bonus depreciation?

TaxGuyBill · ‎12-07-2019

This post is 10 years old, so I'm not sure if it is still the same, but it says it is on "Screen 34".

https://accountants-community.intuit.com/questions/280869-form-3468-solar-energy-credit-not-calculat...

Yes, 85% should be eligible for depreciation. Offhand, I don't see any restriction against Bonus Depreciation, so it should qualify for that as well.

View solution in original post

TaxGuyBill · ‎12-07-2019

This post is 10 years old, so I'm not sure if it is still the same, but it says it is on "Screen 34".

https://accountants-community.intuit.com/questions/280869-form-3468-solar-energy-credit-not-calculat...

Yes, 85% should be eligible for depreciation. Offhand, I don't see any restriction against Bonus Depreciation, so it should qualify for that as well.

monikernc · ‎12-07-2019

Thanks I finally found it. For 1040 filers it is on the general business deductions screen and there is a 3468 section on that screen.

sjrcpa · ‎12-07-2019

Thanks for posting the solution. It may help the next person.

Ex-AllStar

How do I claim the investment tax credit for solar for a farm client? Plus 100% bonus depreciation...

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