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Old 02-10-2013, 02:46 PM   #1
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Federal tax credits for solar, RV?

Solar System for RV and boat that has been accepted by the IRS as a second home for tax purposes.
Federal Tax Credit-Solar Federal Tax Credits, Wind Federal Tax Credits
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Old 02-10-2013, 07:00 PM   #2
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That's good to know. Available through 2016 for solar.

Also, I know that some people here have said that they were going to finance their Escape. Apparently, you can deduct the interest just as for a first home by considering the Escape to be a second home. The Escape would have to have a bathroom, kitchen area and sleeping area. Check with a tax consultant or you can look up the I.R.S. rules on it.
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Old 02-10-2013, 07:15 PM   #3
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Great tips.

Just in case anyone missed it - perhaps it's obvious - the tax rules are completely dependent on the country, and many even vary by province or state. While Escapes are made in Canada, many owners live in the United States, so both countries rules are of interest... just pick the ones that apply to you. For some people, that's both countries at the same time!
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Old 02-11-2013, 03:16 AM   #4
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Never trust the promoter of a product that espouses tax incentives. Always go to the source, IRS. If you look at the form 5695 for tax year 2012, Residential Energy Credit, it specifically states it must be on your principal residence or main home of which you can only have one of. Also these rules are for US citizens filing US Federal Income Tax returns. Unless you are full timing in your Escape within the US, you would not qualify. Also note a residence must have a bath and kitchen, possible elimination of some Escape models.
As a retired special enforcement agent with IRS for 38 years, I saw this all the time, the seller tells you you can claim a tax deduction/credit if you buy their product. They take your money and walk away. Then a year later when IRS disallows the deduction and possibly other items on your return, you are left holding the bag, so to speak.
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Old 02-11-2013, 09:13 AM   #5
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Quote:
Originally Posted by cpaharley2008 View Post
...
As a retired special enforcement agent with IRS for 38 years, I saw this all the time, ...
Wow, with that job did they give you a license to kill and a secret number, like 007?
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Old 02-11-2013, 09:21 AM   #6
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Badge#586, Baltimore Field Office but was assigned to Department of Justice in Washington, DC my last 5 years of service as part of a joint task force of FBI/IRS working on Enron cases.
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Old 02-11-2013, 09:23 AM   #7
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Even more good information - thanks Jim.
My post was triggered by the fact that mortgage interest (even for a conventional principal residence) is not deductible in Canada; I was not aware that the solar scheme was invalid even in the U.S.

Just as the Internal Revenue Service is the authority in the U.S., it is the Canada Revenue Agency (CRA) here.
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Old 02-11-2013, 09:28 AM   #8
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You may be eligible to claim the interest on a second home, subject to limitations. Certain models of Escape can qualify as a second home similar to vacation homes, larger boats, mobile RV's.
These are applicable to US citizens only.
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Old 02-11-2013, 09:12 PM   #9
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Jim, you might want to read that again. The main home requirement is only for fuel cell property. For solar electric, panels, it says that it does not have to be your main home.

The little list that they give, however, includes "mobile home" as a home and does not mention "house trailer" as is mentioned for deducting mortgage interest on a second home. For deducting interest, it mentions that the home has to have cooking, sleeping and "toilet facilities.". I can see someone with a port- a-potty or composting toilet in their trailer saying that they qualify.

I am not finding any definition for mobile home that would say whether it can include trailers or motorhomes for the solar credits. But, yes, you can get credits for a second home.
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Old 02-11-2013, 11:32 PM   #10
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Ice-breaker's post is out of line!
Where's the moderator when you need him.
I expect each member of this forum to keep his sarcasm to himself. This forum is not the place.

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