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January 28, 2019
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How to record solar tax credit in QB?

  • January 28, 2019
  • 1 reply
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Business (in accrual basis) will receive energy tax credit for installing solar panel in 2018.  In QB equipment asset, should I reduce solar panel costs with tax credit received?

 

If not, where do I record this tax credit?  Because when this equipment is disposed after 10 years, book will still have the "reduced basis" remaining while there should no gain or loss on disposal.

 

Best answer by qbteachmt

You are asking about a Tax Credit; not Bonus Depreciation.

 

See this article:

https://www.irs.gov/instructions/i3468

1 reply

qbteachmt
qbteachmtAnswer
January 29, 2019

You are asking about a Tax Credit; not Bonus Depreciation.

 

See this article:

https://www.irs.gov/instructions/i3468

Hgtc2019Author
January 30, 2019

Thank you.