tax credits, for clean energy
I purchased a new chevrolet 2023 bolt euv march 3rd 2023. I also had a company install solar panels on my roof oct 16th, 2023. Please correct me where I'm wrong and give me guidance, thanks. MY Federal tax liability for 2022 tax year, was aprox $ 5000 this year will be aprox same. I paid aprox $21000 for purchase of solar panels. I believe i have to use the following IRS forms, 8834 electric vehicle credit,5695 Residential clean energy credit. I also believe i can carry over the clean energy credit of 30 % for 3years. My question is> The vehicle credit of $ 7500 will make my tax liablity for 2023 year $ 0, DO i still list on the 2023 tax return that i put in solar, and therefore write of the 30 percent , aprox $ 6500 the next 3 or two tax years ?
Answers
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You are correct; your EV credit will be reported on Form 8834 and your energy credit for solar panels will be reported on Form 5695.
You will want to enter both credits on your tax return for 2023. If your income tax liability is approximately $5000, the EV credit will fully offset your tax liability, and Form 5695 will indicate that your energy credit is carried forward to next year.
