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Visitor I

Solar Panel Tax Credit

I am currently in the process of buying a house that was equipped with solar panels back in February. The seller of the property has not claimed the tax credit as of yet and I will be assuming his loan, which will only have 2 payments made before we close. Can I claim the tax credit for the panels for my 2018 taxes in order to pay down the required down payment? Thanks.

1 Comment
Catalyst V

Solar Panel Tax Credit

No you can't unfortunately. The panels were installed well before you had any ownership of the property, so the credit is not yours to claim. This has nothing to do with assuming the loan or any down payment.