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  #1  
Old 11-14-2008
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Solar Panels - Tax Writeoff?

Hey All,

So I've been made well aware of the provisions that a sailboat with a sufficient berth, head, & galley can count as a second home. Therefore, the interest for it can be written off come tax time. Now here's a question I have around enhancing boat capabilities.

The greenies on the net have been abuzz about the bailout bill, and the one good provision in it. That being, the 30% tax credit for all alternative, renewable fuel enhancements to ones home. Previously, there was the same 30% credit, but capped at $2000 a year I believe. See here: Solar energy gets huge earmark in bailout bill - Business - MiamiHerald.com

Now, I've already planned for solar array for my home. With state of Florida's credit for a 5000 kW system plus this 30% credit from the government, a system giving 75% of my home usage for the year is effectively free (after tax rebates).

How can we as a community take advantage of this for our sailboats? If they count as second homes, what about all the money we spend on solar panels and inverters, charge regulators, etc? First, can we get 30% tax credit on those?

Things that make you go hmm....

Any tax attorneys in the house?
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Old 11-14-2008
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You probably CAN'T take advantage, since you own a boat. That means you're one of the "wealthy" so they will need to have your information so they can tax the hell out of you
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Old 11-14-2008
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Plus it is not your primary residence.
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Quote:
Originally Posted by therapy23 View Post
Plus it is not your primary residence.
I wouldn't say THAT is true. Of course, it depends on the state too though.

If you have more than one home and you put in stuff into it you still should be able to get a "tax credit" (At least last time I checked we could in Colorado).
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Old 11-14-2008
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My limited knowledge of FL is you get to pick one.
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Well, not arguing that point at all. Just that it depends on the state only. All states are different in their laws and their interpretation.
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Old 11-14-2008
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but the credits (30%) are national credits on your federal taxes...right?
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Old 11-15-2008
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xort has a spectacular aura about xort has a spectacular aura about xort has a spectacular aura about
buy the panels for the house and put them on the boat. Who's to know?
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^ ^ ^

Sounds like a plan.
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Old 11-16-2008
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What about other solar equipment needed for a solar system. The arch to hold panels, batteries, inverter/charge regulator...etc? Those are usually much more expensive than the panels themselves
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